In May 2007, on an ORD-BWI hop, I VDB and received a Y voucher for UA CONUS (plus an upgrade to F on the next flight). It was to expire May 2008. And since I hate to fly without earning miles (I'm only 1P and I fight for each and every one of those 50K), I kept putting it off until it was about to expire.
In May 2008, I had to make a decision. I needed to use the voucher - and I didn't want to waste it on a short hop (BWI-ORD), I wanted to make it worth my while (BWI-LAX) so I used the voucher to book a ticket for July 2008. I really didn't know when I would use it but the agent told me I could change it at any time.
I ended up changing it twice. First to September, then to November (when I actually flew the itinerary). No problems, no change fees. The ticket worked as a full fare Y and I had no resistance.
If you're not sure when you want to fly but have a reasonable idea where you want to fly (my brother lives in LA so it was a safe bet - or a hop to HNL), then use the voucher to buy a Y class ticket. It will give you the most flexibility.
Here's a Q I have about the monetary vouchers:
If you use a monetary voucher is your ticket treated like a revenue fare, meaning you earn EQM?
That's what stung me this year was the BWI-LAX voucher ticket. My MP Intineraries on .bomb kept telling me I was going to earn miles on the flight but it never did and I was forced to make an end of the year MR.