Over the weekend DW had me working on several projects around the house and I ran across some OmniGlow Cyalume lightsticks that had been in a box in the closet for several years.  Expiration date was 5/01.
Seven years past the expiration date, the original foil wrapper was still sealed.  These had been stored in a closet (dark, fairly constant temperature, no rough handling).  The foil wrap seemed to open at the seams a little easier than I remember on a new package.  Maybe the glue wasn't quite as good as new? When I broke the stick, and gave it a shake, it worked like a new one.  Good bright light. I did not have a new one to compare intensity of light.  After two hours, it was not as bright, but still bright enough to read fine print. (This was a 30-minute hi-intensity yellow stick.)
Anyway, my highly unscientific test conducted in a dark bathroom on Saturday night revealed that a Cyalume light stick can still be usable seven years after the expiration date.
I would still pay attention to expiration dates for critical use, like stocking a life raft, for example.  But, if someone offered me some expired sticks, I would grab them and use them up on camping trips.