I just replaced mine this past week after having it for about 2.5 years. The only issue I encountered was a small crack where my the tubing would bend coming out of the kettle ball valve to the pump, I suspect there were more cracks or defects because my pump was cavitating often. I probably could have gotten away with just replace that section of tubing, but I decided to replace it all since I was already refurbishing and upgrading my system. My old tubing had discolored after years of use.
I swapped my old tubing for Brew Hardware's clear(er) silicone tubing. I would recommend using Oetiker clamps or smooth adjustable clamps over the standard worm clamps so that you don't bite into the tube.