If you go with a date-based approached, it can be circumvented by a user’s setting their date back (although I doubt people do this very often). An alternative is to allow the application to be started a certain number of times before expiring; this approach obviously ignores any date changes.
My preferred method is to disable parts of the application that are critical to normal use of the program but aren’t critical to its evaluation (like the ability to save your work, for example). I do this with my own software, and then send them an unlocking code unique to their computer when they purchase the full program. One primary advantage of this approach is that the installed demo functions as a potential sales tool forever. I’d rather have my program always working to some extent; I don’t think a “Sorry, this program has expired” message generates many sales.