I've got CD-R's that are 10 years old, and I don't know of any that have "gone bad." For that matter I have CD's that are nearly 20 years old and they seem OK too.
I do think the quality of discs, burners and players has improved a lot though -- used to be a lot of CD players couldn't play CD-R's very well. And some early CD's sound like shit and have funky index points.
Digital backups are never a bad idea though!
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