I generally only brew 10 gallons every 3 or 4 months. During that time, I keep the yeast slurry in the fridge, but do a "yeast starter" on it every 6 weeks or so with DME and yeast nutrient to help keep its viability (I use a stir plate and a 2 liter Erlenmeyer flask). Since some have kept yeast alive without doing a starter for many months, I figure that repeating a yeast starter no more than about 6 weeks is more than adequate to keep it quite viable. Also, I calculated the yeast viability, and using 6 weeks seems to be a good compromise, since I do another yeast starter a few days before brewing in any case. Thus I assume that you could keep yeast quite viable for well over a year if you repeat a yeast starter no longer than about every 6 weeks during that time.
I have been using the same lager yeast in this way for well over a year with no noticeable detrimental effects so far. I have been rinsing with some boiled and cooled water, but based on the discussion in this thread, I will change to storing the yeast under beer. In addition, I think it wise to take extra effort to remove as much trub as possible before transferring to the fermenter. Personally, I get very little trub when recovering the yeast. In this way, there's little worry about saving almost all the yeast slurry (I only discard a very small amount from the bottom of the slurry, where the heavier trub, etc. has fallen). Also, I usually pour the slurry into Mason jars after the slurry has settled for no more than about 1 or 2 minutes. This is because I save lager yeast, which settles very rapidly (based on my experience, and the experience of a few others, most ale yeasts seem to stay in suspension for at least 20 or 30 minutes, while lager yeasts generally settle within minutes, and usually before the trub settles - thus, in terms of layers, the white milky layer is at the bottom, the trub layer is above that, and the beer layer is above that).