I visit the GM truck forums alot. They call it "death cool" over there. The general train of thought is that it's ok, but you should drain and fill every 1-2 years or drain and flush every 2-3 years. The problems occur when the fluid gets about 3 years old. It apparently gets acetic and eats gaskets. It also likes to sludge up if you have trapped air in the closed system. The Prestone version of dexcool is suppose to be better. You don't have to change anything to convert you car, just flush really well.
I am going to drain and fill my 2003 Silverado every years for 3 years until the warrantee is up, then it will be the green stuff for me.