I have been trying to reduce the number of Soft 404's reported in WMT for a couple of years, since taking a knock in Google.
These are dynamic pages where if the amount of information displayed is below a certain level, the following is now inserted in the html head:
<META NAME="ROBOTS" CONTENT="NOINDEX">
Why is Google listing this as a soft 404 - am I doing something wrong with the code - I have stared at it looking for a spelling mistake, just incase. These pages may be thin - might contain some sort of warning message, but are not true 404's.
The number listed started dropping a few weeks ago but is increasing again now