In reply to frankcp87: Very good document - thanks. I see in there that Petzl gives 10 years on helmets; checked the BD website and the tracer (my helmet) gets 10 years shelf life and less i.e. 8 or 5 years (depending on usage) in use.
I found this thread on a biking forum
http://forums.roadbikereview.com/general-cycling-discussion/helmet-lifespan...
where somebody suggests that the whole foam degrading thing is another example of marketing / sales led information i.e. the foam's performance doesn't actually deteriorate at all.
Then I found this which is more detailed, from a triathlon forum this time
http://beginnertriathlete.com/discussion/forums/thread-view.asp?tid=129542
Somebody suggests that the gas (which expands the foam) leeches out over time reducing its ability to absorb impact. I think the conclusion of that thread, unsurprisingly, is that it's probably better to err on the side of caution.
Common sense suggests that many plastics / foams / rubbers do not last i.e. they become brittle / dried out over time. 10 years sounds reasonable and it's very likely that design, materials and technology will have evolved within that time to give a product that is at least more comfortable and pleasing to use if not one that offers increased protection.