I just ran across an error in Google Webmaster Tools that I have never seen before. I manage the website for my local community band (I play trombone). One of the pages on the site is a list of our upcoming performances. It is powered by a WordPress events plugin that uses a database of upcoming events that are entered through the administration interface. We just finished up our summer and fall concerts and our next performance will be our Christmas concert. I hadn't gotten around to adding that into the website yet, so there are no upcoming events shown on the page. In fact the text on the page says:

No upcoming events listed under Performance. Check out past events for this category or view the full calendar.

Then in Google Webmaster Tools, this page is showing up as a "soft 404":

The page is returning a 200 status and Google is indicating that he 404 is "soft". I wouldn't have expected Googlebot to be as sophisticated to parse that particular sentence. Is Googlebot able to detect that the text on the page indicates that there is currently not content and then treat it as a 404 page because of that?

If Google is treating this page as a soft 404 because of the text on the page, does that mean that like regular 404 pages, the page won't show up in search results?