My trainer tire has cracks running along the length of the tire. They cracks seem to go in pretty deep, but don't go all the way around the tire. However it still has quite a bit of rubber on it and doesn't seem to be worn too much. I also don't think I have put that much mileage on it, but it is probably 5 years old, but only used for maybe 20-25 sessions.
I'm using a fluid trainer so I'm not really worried about being hurt, but I'm wondering if I should worry about it breaking and coming off the rim and causing some kind of damage if it gets caught in something.