At my company we have one captain over the age of 60, he's a fair employee and a good guy but it's a crap shoot with him. One day he aced a hydraulic failure on one of our aircraft but later he nearly stalled the plane during a circling approach with an FAA inspector on board (thank God for the FO).
Likewise my first captain when I started in the 135 world was 73, he was a great man full of knowledge and he taught me many valuable lessons - he also had a tendency to doze off during critical phases of flight.
I have all the respect in the world for the venerable pilots of yesteryear, but at some point it's best they realize they've reached the top of their game and retire with their dignity. All the decades of experience cannot counter the physical and mental deficiencies that naturally occur in the human body. I think 65 was a logical leap from 60, but I think at 70 we are wasting an otherwise valuable resource.
Whether a pilot has 20,000 hours or 2000 hours they can both make critical mistakes. At my company we call "experience" "tribal knowledge" and actively discourage it. If a pilot has a valid piece of knowledge to pass along it will be incorporated into pilot training.
These venerable gentlemen (and ladies) should be put to better use in an airline's training department or as a CFI passing their vast knowledge on to the next generation of aviators.
The economics that the freeze has created for aviation in the US is a touchy subject, but in all it's hurt the industry in the long run. So many otherwise skilled pilots have left the industry as their lives could no longer be put on hold for their place in the seniority list: these people needed the financial means to start their families and aviation could not do that as a pilot.
Aviation has become so unappealing due to this self-inflicted pay cut we continue to levy on the "young pilots" that fewer and fewer people can support themselves in the industry and the $80,000+ bill to get certificated makes no sense. And with this in mind what happens when the baby boomers die off? I think your love of aviation could eventually be the death of aviation. Even now I'm having trouble recruiting skilled pilots because many of those with the responsible characteristics I look for have fled the industry due to the lack of upward movement (and yes, I believe they're justified in thinking 10+ years in an industry is too long to wait for a liveable wage).
If you love to fly then by all means, fly. There are a lovely array of light aircraft for you and your friends to toodle around in and plenty of jobs more appropriate than a commercial airline captain. Why must you be commanding a 747 to be a pilot? Are you too good for the PA-44? If you're so experienced pass it on and stop griping about "unskilled new pilots" while claiming you're above teaching them how to fly. Share your experience and stop selfishly holding onto it.