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From a general observation, before the WordPress days, complete site overhauls seemed to happen every 3-4 years. In this current web era, I wonder if this patten will continue.
The answer in part stems from how much you rely or want to rely on your website to directly build your business. If you do, the tweaks both technically, and cosmetically is an ongoing process, and often an uphill battle to keep up with everything.
I still know some traditional businesses that do very well without or with minimal web presence. They probably could do better with it, however the attitude is I have more work than I can handle without a website, why would I want one? Surprising yes, but is goes on a lot.