I'm no doctor, or pharmacist, but have looked into this subject in the past myself, because I'm a cheap bastage, a pack rat, and just HATE throwing anything away. The gist I got was that, like you say, MOST stuff is fine well past the 1 year expiration, but there are some drugs that do loose potency over time (opiates and antibiotics come to mind, but dont qute me for sure on that), and thus may not work as well as they should or you are expecing them too. Not a big deal for a lot of things, as if it doesnt work, it just doesnt, and you just have to get a new script, no harm done (and if it does work, great, saved a doctor visit, and the costs/copays). Could be an issue if you are talking about nitro pills, blood pressure meds, etc that are kinda vital to your survival when needed, but those are likely something you take regularly, and thus wont have "leftovers" to worry about anyways.
But, I agree, stuff like Tylenol, Motin, vitamins, etc, AFAIK, the worst that can happen is they have lost strength and dont work/work well. No biggie, it was worth a try to save a few $$, IMHO. Even with the stuff that IS important "life saving" type stuff, in an emergency, I suppose I'd rather give the 5 year old nitro pills a shot when having a heart attack, than do nothing but wait for the ambulance. It may save your arse, or it may not help, but I figure in a situation like that, it may at leats help some, and some is better than nothing, especially IF you know it certainly cant hurt (like it breaks down into something toxic or some such, which would obviously make things worse, but I havent ever heard of any drug that does that, I gather that worst case, they just loose strength). If nothing else, try to dig up info for the specific old meds you have (asking a pharmacist is probly a better bet than the internet) just to make sure there arent any that convert to arsenic or something over time. Then you know theres really nothing to lose, as worst case, it will just have no effect.
All that said, I have lots of old percriptions for stuff that I have hung on to, and have used on occasion after several years of sitting, and none of it has failed to work or has killed me or made things worse, that I have noticed
(mainly stuff like Motrin 800's, muscle relaxers from a previous back injury whenever I manage to hurt it again, old opiate pain releivers from injuries for when I hurt myself the next time, etc)