Hi,
I think it depends on the site, but my initial thoughts are that there probably isn't a lot of value to having those pages at all. Imagine the site grew to 50X the size it is now, would it make sense to have those pages? By that point, the site would have more thin/no indexed pages than new useful ones.
I think it's important to think from a user point of view. Just because you add noindex doesn't mean Google will take the page out of the index in a hurry. That means there is a lot of potential for people to still find you in Google, arrive on an expired ad, have a bad experience and leave. What about trying to do something a bit more useful like redirecting them to a closely matched product category above? Even doing that might be confusing to users unless you have an overlay explaining that the product is no longer available, so you are redirecting them to a different page.
Craig