I've implemented the [WITH (NOLOCK)] hint and it's been a reasonable success. The only additional note of caution I would add is that we have one table that is occasionally updated (batch inserts).
The problem is that the data is inserted and then the index is updated. If the index is read after the data has been updated but before the index is updated then this can cause the following error:
Number = -2147217900, Description = Could not continue scan with NOLOCK due to data movement., Source = Microsoft OLE DB Provider for SQL Server, SQLState = 42000, Native Error = 601.