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(3) Your content can be hotlinked from Pinterest to anywhere on the web without your knowledge or consent.
(4) Your website will compete against its own content displayed on Pinterest in the SERPs.
NO. People can hotlink the images that are displayed on Pinterest even if you have hotlink protection enabled for your website.
Waste of time. People can work around that.
Grateful I saw this line, almost neglected to put the "No Pin" meta on a new website.Don't become blasť about it though. Just because you are going to add it to your pages, it won't stop people and will be still worthwhile checking pinterest for unauthorized use.