I ordered mine a couple of weeks ago...it has an expiry date for first use of May 31, 2004.
With the ticket, you get full park-hopping access for 30 consecutive days to the 4 WDW theme parks, Pleasure Island, the 2 water parks, and Disney Quest. Plus, you get free admission to a few other minor attractions in Florida within the 30 day window (Kennedy Space Center, Miami Aquarium, and a few other places). It also comes with a voucher good for one free breakfast at most places in WDW (none in the MK or Epcot).