As far as I can tell, chips and other silicon based components (ie: transistors) seem to last indefinitely - assuming other components such as the power supply maintain proper voltage to 'em. Capacitors and batteries are the beasties you've got to keep an eye on. When caps blow, they usually take out other sensitive components near the area. And if they or a battery leaks, the acid will eat up circuit board traces.
Are there any warning signs with respect to the capacitors not operating correctly before they go out completely? I suppose they're used in many areas, so maybe there's no simple answer. Which type of caps are most likely to fail -- anyone know?