The only significant error with long caching times occurs when you want to update this data. To be safe, you must assume that the new version will take up to a week. Intermediate hosts, such as ISP level proxies, often cache aggressively, so this delay will occur.
If there are large files for caching, I would look at the fact that your content engine supports If-Modified-Since.
For smaller files (page content, CSS, images, etc.), where reducing the number of rounds is the key having a long expiration time (year?) And changing the URL when the content changes are better, This allows you to control when user agents will retrieve new content.
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