I know that this is a bit debated and may vary state by state, but I've kept my US license. I really don't like the idea of it lapsing either, as we may move to the USA in the future (though since I've passed the UK driving test, I feel that I can pass anything).
Before I moved to the UK I only ever lived with my parents (except while at college), so that's the address that my license is linked to. My US bank accounts are also linked to my parents' address. Not like I'm just using some random friend's address or something.
A while back I spoke to a rep at the Ohio BMV who said that I could still keep my OH license while living abroad. That's the info I was told, and I'm sticking to it !
To be on the safe side I always carry both my Ohio and UK license with me while I'm driving in the US... in case I was ever pulled over or in an accident.