Nice question. Pity it says 2005 onwards instead of 2008 onwards, as none of the answers match 2005 behaviour.

I'm not sure whether to agree with Hugo's interpretation of "correct" or disagree. Surely the "correct" value is whatever value (whether current or future or never to happen, ie whether clean or dirty) the query finds if the query is intended to find that value, which is surely what NOLOCK means (and what the writer of the query intended if competent to use that hint). Saying "not correct" suggests that the writer of the query is not competent to use the hint that he wrote, which is often true for that much misused hint, but sometimes false.