Good topic... sounds like the community should have a vote (if this forum system supports polling) and decide upon a rule for this situation. Reading through the comments here, I see both sides of the argument, and though some blood pressures have risen slightly, I believe ALL are interested in the best interests of the geocaching community.
Having said all that, it seems to me part of being an active, valid cache is the link to the owner/maintainer through geocaching.com. What is a cache, simply a charted box in the woods? Or would you include in the description of "cache" an active link to an owner who remains available to take care of what he/she has placed? It IS rather special to have these older caches in the community, but to me it's value is quite decreased when the owner link is broken.. It's not the end of the world when a cache has to be retired, regardless of its age; a cache should have every functionality available to it since the day it was created, and to me that means an active link to an active owner is just as vital to it being considered a valid cache as a lid, logbook, and location listing.
Barring a change to our online system to change ownership details and contact info for a cache, perhaps after a 'probationary' period for the original owner to wake up and respond, I vote the best way to handle it is retirement and replacement. We just made history with an election, perhaps we need a vote or a geocaching congress to further define rules and procedures?
That's my $.02 and I'm sticking to it.. though I'm a newbie, I'm an old newbie and want the best for a fascinating sport to make it better for all involved. Salute to all of you for caring enough about geocaching to ruffle a few feathers over it.