Heat is the transmission's mortal enemy. Does the fluid have a nice color? In other words, is it the red you expect or dark? Does it smell burned? Even a little? If so, that spells trouble. How long the transmission lasts has as much to do with how it was driven. Even if they didn't do maintence, if they didn't beat on it, chances are there is nothing wrong with the trans.
I'd change it anyway. Use Dexron VI, not Dex III. Dex VI was released in 2006 and is recommended for the older transmissions. Its full synthetic (Dex III is not) and is supposed to run cooler. Its all I used in my old 2003 TB after 70k miles. I just sold it, and it had 160k on it and the transmission was as strong as ever. This was critical to me because I tow a travel trailer.
The_Roadie said:
Shifts that take too long;
Ahh, that's a tricky one. Long shifts can indicate worn parts in the valve body, worn valve springs, cracked and damaged accumulator pistons (they're plastic after all!), or a badly worn seperator plate (the check balls can really beat on the plate). Any of these conditions can cause overheating and eventual failure, but if they are caught early it can save you a lot of money.
If you are on the higher end of DIY and are comfortable, you might even want to take a look at your valve body, and maybe even add a shift kit (which also replaces worn springs) and change the seperator plate. Dropping the valve body and inspecting the accumulator pistons will also give you some idea of the overall condition of the trans.
Here's a thread I did from last year describing my experience with this. There are how to links from other members in the thread also.
http://gmtnation.com/forums/topic/8182-4l60e-upgrades-shift-kit-and-new-separator-plate/
EDIT: My 'new to me' '08 Sierra has a 4L60E trans. It has 85k on it. I have no idea if the fluid was changed, but I do know the guy towed a utility trailer. I'm going camping in a couple of weeks, then changing the fluid shortly after.