Yeah, for my place half the house was properly waterproofed, but the other half wasn't. (I have a big house, and it was built in stages.)
In the non-waterproofed side, I had moisture and mold issues. I had to run a dehumidifier most of the day during the summer to remove moisture in the basement, or else it'd sometimes start to smell a bit like mold.
So, when I did my basement interior reno, we cracked the slab and dug down to put 6 inches of crushed stone for drainage, with 6 inches of cement on top of that. Before it was 2-4" of slab on top of soil, so my moisture issues were actually coming from there, not leakage from the walls.
However, I did note also that the wall was moist in a couple of spots near downspouts from the eavestroughs, but got no flooding ever from these non-waterproofed walls. I've since redirected the downspouts with success. Nonetheless I still wondered about the cost for getting the place properly waterproofed exteriorly. The quotes came in at $12000 - $15000 CAD IIRC, which is only slightly less in US $.
However, a third guy (from the biggest company of the three) came in and suggested I do NOT get it exterior waterproofed since the slab redo and downspout redirect solved my problems and I haven't had any moisture issues since, even after heavy rainfalls. I took his advice and didn't bother, and it's been fine. I don't have to use a dehumidifier in the basement anymore, and there are no longer any mold issues either. After the foundation fix, it's as dry as the rest of the house (according to humidistats).
Oh yeah, we had some moisture retardant paint we used on the interior cinderblock, but I'm convinced it's near useless. However, it can't hurt, so I said to the basement contractor to go ahead with it.
Oh and I have a backflow valve on my main sewer line, since the rain runoff in my city flows into the sewers, which causes a lot of problems with sewer backups in the city. It looks like this, but it's not clear:
http://www.youtube.com/watch?v=FMBznnNV-ss