The Dutch-Finnish Ozone Monitoring Instrument (OMI) is an imaging spectrograph flying on NASA's EOS Aura satellite since July 15, 2004. OMI is primarily used to map trace gas concentrations in the Earth's atmosphere, obtaining mid-resolution (0.4-0.6 nm) UV-VIS (264-504 nm) spectra at multiple (30-60) simultaneous fields of view. Assessed via various approaches that include monitoring of radiances from selected ocean, land, ice and cloud areas, as well as measurements of line profiles in the Solar spectra, the instrument shows low optical degradation and high wavelength stability over the mission lifetime. In the regions relatively free from the slowly unraveling 'row anomaly' the OMI irradiances have degraded by 3-8%, while radiances have changed by 1-2%. The long-term wavelength calibration of the instrument remains stable to 0.005-0.020 nm.