goodroi - 6:45 pm on Aug 19, 2011 (gmt 0)
Well indexed is not very valuable to me and I'd let it die.
Good link popularity & high rankings are valuable to me. If I had a product page of a permanently expired product with 1,000 sites linking to it I would add a section to the page containing links to similar alternatives. I might even rewrite the description of the expired product to help users realize the alternatives are better choices for them.