Typically your key is rendered useless when it expires - it's presumed that
you knew what you were doing when you set the expiry, and would have changed
the expiry if you'd wanted to keep using it. [...]
It is suggested in the GnuPG handbook that you have an expiry on your master singing key if you could lose both the key and its revocation certificate (natural disaster?). By setting an expiry, you limit the life of the lost key. If you still have the key, I think that you can update the expiry of the master signing key, but you must make sure the self-signatures are done again.
However, some buggy software (I'm looking at you, keyserver.net!) couldn't cope with this, last I checked, and that can cause confusion. I think most Debian stuff copes with it?
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