Eventually, the nutritional value will decrease to the point that it may not be worth keeping and/or the taste will become inedible. Same thing with canned foods, MRE's, etc. You may not get sick eating really old canned foods, but you may gag on the taste or the texture.
This is why the Twinkie is perhaps the perfect survival food. Since it starts out with no nutritional value, it can't degrade very much, and no self-respecting microbe would infest it.
As far as gagging on the taste and texture of old canned food, I already have that reaction to canned rutabegas.
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