Why does my water have an expiration date?

So I am sitting here drinking some bottled water, and I notice stamped on the bottle is the following:
BTLD 05/24/02
EXP 05/24/04

Does this mean the water expires in 2 years? What happens to the water when it expires? What would happen to me if I drank expired water?

Bottledwaterweb has this to say:

Consumer Reports seems to agree:

Sometimes the PLASTIC bottle is what expires! I’ve heard of people who have bought large containers of water and stored it for emergencies, only to find a puddle a year or so later.
~VOW

I’m don’t question the cites above, but I do wonder why they need a bottled AND an expiration date for a lot number.

yeah why can’t they use what coke uses… some mumble jumbo number?

The bottled on date can help in product recalls and run traceability needs. Say somebody had benzene in their water from a given week, for instance. Having a bottled date printed helps calm the mass hysteria and recover a shattered corporate image.