Well, I know that law went into effect in 2003, but I have actually moved twice sense 2003, and they never said anything then, so I assumed they were still doing it the same way. Matter of fact, I actually called during the last election year to see if the Sheriff was running again, and nothing was said then, either. Also, while the Shall Issue rule is nice, the counties still do it differently. My roommate's permit was issued in Weld County, and they do it a whole lot differently than they do in Larimer. Weld is (and was, for all intents and purposes) "shall issue", but the paperwork involved was and is much different. All in all, it's not that big of a deal except for the fact that the Sheriffs Dept. said that there was a paperwork mixup, and as a result, I have been carrying illegally for the last month or so. Other than that, the five year rule doesn't bother me in the least.
Also, I got my permit in 2002, so in the end, it expired in 5 years anyway.