In reply to Dave Clements.

The goal of this post status was for it to behave a lot like trashing without actually trashing it from the WP Admin. WordPress will automatically purge trashed posts after 7 days (by default).

So yes, the pages will 404 because the content is unpublished, just like if you were to trash it.

Perhaps I will add a hook though so that this behavior can be customized, as you said, maybe take the user to a friendlier page or simply the home page.

Thanks for the suggestion!