I don't know for certain about any other problems, but I use my until it starts to smell....not that it happens often. In fact, we hit a HUGE sale about 2 yrs ago on the big cans & bought 3. I'm finally getting down to the end of the last one - no problems.
ETA: I just Googled it & found that the shelf life is supposed to be 24 months - open or closed. Also:
"An unpleasant smell or taste indicates that olive oil is no longer desirable for consumption. A wine smell or taste may reveal that the olive oil was not stored properly. A metallic flavor indicates that the oil was stored in a container made with reactive metal. If olive oil has become rancid very quickly, it may prove that the oil was improperly stored and has oxidized."
And:
"Safety Concerns
1. Olive oil is safe to use even if it has oxidized. The flavor and aroma may not be very pleasant, but it is not harmful if consumed.
2. Some flavored olive oils have additives that may require refrigeration in order to preserve them. Others may not require refrigeration because of the process used when manufacturing the oil, so it is best to read the label carefully. It is usually not safe to make your own flavored olive oils at home and keep them for any length of time. Some flavoring agents may promote the growth of bacteria and can only be safely added with commercial processes. You may, however, prepare homemade flavored olive oils if they are used immediately and any leftover oil is disposed of."