I don't like any of these cookie boxes that open. Instead I use an area (Named cookiejar :)) That has one button, clicking it will make it go yellow allowing cookies to be set and when cookies are created they are added to the cookie jar. Each cookie can be read by the user, and I will try and make them as obvious to what they are as possible. Each cookie can be unset individually, or by unsetting "remember=yes" will delete all cookies. Any action that requires cookies (wide mode in my site), will alert the user first to let them know that function requires cookies. Have a look at the site in my sig to see how it works.
I've only been using the method since this EU directive was about a year old, and I'm hoping it will fit in with future developments. But I like it, and think it fulfills the objective well enough without being too intrusive to the design of the site.
As for your particular problem, have you seen the output for time()86400365? I don't think it's a valid date for cookies