Under article 2(1) of directive 2006/126/EC, EU countries have to recognize each other's licenses. Article 2(2) specifies that a country may require you to exchange it for a local license but not earlier than two years after taking up residence in that country. This also implies that they have to recognize it in all other situations, e.g. if you are merely traveling.
As far as the Netherlands is concerned, you do have to exchange your license if it was issued more than 10 years ago and you have been living in the Netherlands for more than two years. If you had a new license, it seems you could use it until it expires (i.e. for 15 years and not merely 10).
Even if you are a Dutch resident and your license is not valid there anymore, I see no reason why it would not be valid in other EU countries (e.g. on a visit to a third country). After all, the directive does not say anything about the validity of the license itself but only about the conditions under which a member state has to recognize it. In any case, law enforcement outside of the Netherlands is extremely unlikely to know or care about Dutch rules so the only scenario in which this could play a role is if you got involved in an accident or something like that.