In my reading I have seen some articles on Page Age and Link Age and for the most part the assessment is that older pages and older links will do better in page rankings because of their age. But they also state that at a certain point older becomes too old and the newer sites will do better in the page ranks and engines. Can anyone say what are some of the determining factors of the transition from well-aged to too old?

I actually research on this particular SEO topic for a client some time ago and discovered that:
1. Page and Link Age are important factors
2. But constant updates and content refresh needs to be added to the website to keep the website "fresh". It defintitely will entice the spiders to crawl the website more often.

I hope this helps.

that is true, SE used that as an important factor.

As far as you keep your site updated with fresh content and go on adding value it would be not considered too old.

My experience is that google likes both old links and new links. We've lost some of our old links, and it's hurt our SERPs, even though we've also been adding new links in there place.

I think that someone is going to have to do some in depth analysis on each search engine to determine what the age range should be before the links go from being treated like fine wine to being treated like stale bread. There has to be some sort of statistical equation to pim down the boundaries.