I'd like to implement Nodequeue on our site to compensate for some of what Views2 alone lacks, like cutting down redundancy of stories on our front page, and the ability for our editorial team to better prioritize stories.
As I understand it, you can add an unlimited number of stories to a given Nodequeue, but is there any way to specify a time range for the queue? For example, is it possible to say "I only want to show stories from the last 24 hours in this queue"?
My concern is that over time, a bazillion stories will get added to the queue, making it a nightmare to prioritize stories easily. I know a lot of newspaper folks working with Drupal have said they use Nodequeue, and love it, so I'm pretty sure there has to be a way to handle that easily.
For as good as our editors are at their jobs, they are nearly computer illiterate, and I have to make things very very simple for them when working with our web site.

Comments
time limited queue
There is no ability to limit a queue by the time, but you can do that with views. So, you create a view of content in a nodequeue and then add a filter so that it only shows content from the last 24 hours. I think that gets it, right?
It would probably also be possible to write a small module that periodically checks the queue and removes any items which are older than a certain age. That would make a nice submodule to nodequeue.
knaddison blog | Morris Animal Foundation
Nodequeue APIs
Some Nodequeue APIs to create a custom module: Check Nodequeue Handbook page
and Lullabot API reference
Shyamala
Unimity Solutions
Everything said so far in
Everything said so far in this thread is correct. I'll also add that Nodequeue has a queue limit, and can automatically pop out older nodes if adding a new node pushes the queue beyond a limit. While the Views "don't display nodes older than x" solution is nice and light, Nodequeue also has actions integration so it may be possible to use one of the existing node expiration modules to call an action to remove nodes from the queue.
This is how we handle
This is how we handle nodequeues at our site. Its useful in the event that something happens and you can't fill a queue with new content the next day if there were a technical emergency (which unfortunately happens).