Good point, Rick. I wonder what the posts would discus if the mast bob were the norm instead of the exception...
The pool noodle is a plug replacement. Technically, you only need to seal around the edge of the noodle that touch the mast, but for a small investment in time and money (a tube of scilicone and about 10 minutes) you can be sure that no water is going to make it past your mast plug as Jamie said.
When I began to get more confident in my sailing skills and would go out in more intense conditions I would turtle on those gusty days while tacking. As the bows came through the wind on a tack I would hit a wave and/or a gust and the boat would do a back flip (I later figured out that I was not getting my weight far enough forward, especially when sailing solo).
Once I got the boat on it's side by standing on a stern if I did not have a sealed mast I would not have been able to get the boat righted fast enough.
So, the point is take the time to check if your mast is sealed.