Short answer, yes they do.
They'll lose elasticity (yes, steel has elasticity) over time, and start to sag, and stop rebounding effectively. Thats why there's an aftermarket for the things.
Takes a long time though, and its not generally noticeable over that time, but if you replace old ones, you'll notice a difference for sure.
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Oh the wonderful things I could do to my car...
if I had more money, no kids, no wife, no second car, no job, no rent, nowhere to be, didnt need food, didnt need beer...damn.
My $0.02
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