The problem with bending over backwards for non-js is that you double your dev cycles (no AJAX, need regular forms for everything), lose dynamic menus (want to duplicate those?), lose a ton of instrumentation you may be doing, etc.
I think it's perfectly fine to say "non-js means you have a read-only experience". Even facebook doesn't go that far -- you can't even log in without js enabled! (And they're definitely in the camp of 2% * 500M).
What will people do who have js disabled? They'll get a tech friend to help, because that disabling was probably a misconfiguration :).
At some point you have to prioritize your time to work on the features that help 95% of your users.