I had it until it expired, which now that I know more about it I shouldn't have. I didn't drive on it in the UK though. Only when we went on holiday or home.
It wasn't until I looked into it when it was going to expire a few years ago that I realised by keeping I might have to pay PA taxes (PA is really unclear and wishy-washy on that) and that I clearly wasn't eligable and it wasn't going to be renewed anyway.
I guess that is the big issue. If there had been an accident would I really been covered? Since I wasn't living there, would my license actually been valid? I guess someone would really need to look into it and I doubt the car rental place in Cyprus would have, but who knows?
I have my UK licesne now, but there was a break between the two. The break is why we decided not to go on holiday in the US this year. Most car rental places require you to have your license for a year and they could tell me over the phone it was fine, but if we had issues when we arrived that would have sucked.