This one has goner round and round many times and I don't think there is a
definitive answer (can you say 'It depends'?), only a series of educated
opinions.

As Tom properly stated, the website is a delivery method for the content
(for the most part) which resides elsewhere and the source materials
portrayed on the website should each have their own retention periods, based
on the value of that content.

That said, however, there is *SOME* limited content that only resides on the
website, and does not have a home of it's own... like the visits counter, or
the style sheets, or data entered in a web-based form, which is subsequently
extracted and becomes fields of information or an entry in a database.  

Some organizations have a line item in their records retention schedules for
a "snapshot" of a web page (or an entire web site) and they capture it
periodically or whenever the page is updated/reformatted. In most instances,
these have a set retention period, or are retained until revised.

One instance I'm aware of where this whole thing is sort of dicey is online
employment applications, resume or credit applications, where a third party
accesses the site, keys their information into various fields, "sees" their
information in a form and when they send it, that form ceases to exist.  

As stated earlier, the data submitted populates fields in a database, and is
retained there. BUT if the form is subsequently revised and field sizes
change, or fields are added or deleted, the data can't be placed back into
the form in the manner the submitter entered it.  So if the submitter
happens to have done a screen capture or screen print, they may be the only
one who can recreate their data as provided... and if at a later date, the
information comes into question, this can become an issue.

Larry
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