You're very right, and... I think that's partially why it's so low on my priority list. I was kind of watching character generation to see if we'd have a problem with a bevy of 70-year-old swordsmen, but it didn't happen.
Edit: Sorry, new page -- that response was directly to Esfandiar's post about elderly characters and not wanting to make them less enticing to play.
Second edit: I'm still considering elderly effects though -- partially because I do think some of our elderly players would genuinely enjoy having those effects.