One argument that can hardly be touched : no matter how you deal with it in the db, you'll have to do work in the application to handle cases... or waste time training people so that 2049 is not the date we are planning to visit to do the work.
And, if you choose a date in the past, you have to preclude it coming up as a "Late Service Call while, if you choose one in the future you risk it becoming a "reasonable" date (e.g. if you choose '2049-01-01' and it's some time in December of 2048, that date might look reasonable).
It just seems like nothing is as easy as it should be, right? ;-) After all, in about 1976, some dang fool professor was chastising me and about 243 other students in an SMU Programming Languages course because we were wasting our time because "In another 10 or 15 years, there will be no need for programmers." ;-)
In fact, as I remember it, he claimed that computers would be able to interpet verbalized needs in order to create their own tables, indexes, etc. :-D
Ralph D. Wilson II
"Give me 6 hours to chop down a tree and I will spend the first 4 sharpening the ax."