I live in Cyprus and just recently took a holiday to Malta (Feb 2010). My passport expires in July this year and I was a bit bothered about the validity period also.
It was suggested to look at the FCO website for the country you are travelling to - but you should also check with the airline carrier also, as they may refuse boarding...
Flights from Cyprus to Malta are with Emirates but this year we made our reservation with Air Malta (they codeshare the flight) as it was cheaper. I checked with both airlines - just in case and they both rely on the country information regarding validity.
My passport was checked at both ends in each direction with no problem.
I did however, print off the documentation from the FCO for Malta and from the airlines website which indicated entry was okay as long as the passport covered you for the duration of your holiday dates.
I'm back in sunny Cyprus but will have to renew my passport before our holiday to Luxor later this year