I think guests should be able to view the majority of the content.
I know some people like to hide some of it, to entice people to join, but personally I would prefer someone to join becuase they have seen what is on offer, and they like what they see - rather than join to have a peek, and decide it's not what they thought it was...
I let guests read the thread just not post in them to be honest, many members have signed up because they liked the topics and what my forum was about. Without the threads they wouldn't of been able to see and in turn they wouldn't have signed up.
Well, the moment I see a forum that hides everything away without apparent good reason I leave, unless I'm there for a reason like an exchange.
So I'd have to say make them visible. But like everyone has said; staff sections, downloads, adult content, etc should be hidden away. But be sure to let the guest know why they can't see it in your welcome message with a quick "you have to register to see X, Y and Z because <reason>".
I allow my guests to view my board because it's harmful to do otherwise. Unless I'm being attacked by a vicious spammer, or something horrible like that! (In which case I might close registration for a day or two.)
But my members register because of the content of the site.
I should clear up that when you are browsing my site, you see the full portal page with site stats, and new threads.Feature car and details, inc pics, and a lots of other site info.
When you navigate to the forum page you also see the entire forum page list, which is quite long and full of everything you could want from my type of site. They just have to join to see inside them.
I have seen a lot of boards that simply restrict you from seeing anything, and this is a great way to stop getting new members as no one will join something they can not see first.
The way i do it gives them a big wet appetizer to see what is there that may interest them first. And the portal is something i spent a lot of time getting the way it is as well, to attract members, not turn them away.
Thats why bots have seperate permissions in phpBB (and others im sure). I have mine set so guests can see the forums, just not the threads in them. My bots can see everything but the staff and such. Im keeping my SEO fine, and guests are joining. What more can you need?
Forcing people to sign up in order to see topics does affect your forum activity aswell. Quite often people link to topics on other forums and by forcing guests to sign up people won't posts links to your forums topics or if people do people will just see they need to sign up and leave.
Alot of sites link to topics here where we have posted good promotion tips or lists of useful sites so by allowing guests to view you are allowing people to spread the word more about your site.
Yeah I think they should be able to see all the boards your members can see. all Mine are open for everyone to see but the staff ones.
I also think that trying to force guest to join by not letting them see something doesn't work.