@WOW: It's not water, so it won't evaporate like you think. I'm not sure how fast it does, but you can try putting a couple of drops of VG/PG on a spoon and leaving it out.
I'm not a chemist, but it really depends on the chemical. Freezing or refrigerating flavorings can cause them to separate. Biological contamination will be inhibited somewhat by lower temperatures, but this is already next to impossible with pure PG even at room temperature. It might help VG last, but again pure glycerin is unlikely to allow any biological contamination if it's sealed. With nicotine, oxygen will react with a small percentage of it and cause it to turn brownish, but the effect on strength will be insignificant unless it isn't sealed. The best thing to do is keep all your stuff sealed, away from sunlight, at a stable temperature.
Not sure about ULTRA long storage, it hasn't really been tested, but as far as I know, all pharmaceutical products have a maximum life of 2 years, which would include nicotine. It probably isn't its true lifespan, though.