On our 2001 40 Ocean the teak in the cockpit is still mostly good, apart from a corner that had started lifting, which I glued back down with some adhesive sealant.
The teak on the deck is fucked though. The caulking melted in the sun and turned permanently goopy in patches, so I had to strip it all out. In the process, I noticed many spots where the wood was also dying, either detaching from the hull, splintering, or in the bow area simply worn too thin in many places to bother fixing it up anymore.
So it's time to remove the silly stuff. In the cockpit we can keep it either going for a couple more years, or rip it out too. The cockpit seating I would probably re-cover with EVA foam, as I find the soft foam quite pleasant to sit/kneel on and it's sturdy enough for cockpit use. For the deck probably not, I think I'll put some non-skid paint there.