In theory, if you are brewing regularly,(low gravity beers) or have really good yeast management, you can use the same yeast for ever.
I have used up to about 5 generations so far, then chucked it, (because i wasn't going to brew for a while.
I visited a commercial earlier this year that were on pitch 854.
It depends on a few things on how long you can use for.
1 Cleanliness
2 strength of wort
3 vessel your fermenting in
4 temp
5 nutrient levels#
6 when you skim/collect
7 what you do with it once you have skimmed
to name a few
Then there is always the mutation scenario, which sometimes can be benificial.
I wouldn't keep a dried yeast going for many generations, as those are the ones most likely to alter their charcteristics (mutate)
UP