Right, those are my thoughts exactly.
After graduation i went to pursuit something else, something completely none cs related.... and to me, if i'm a 41 years old programmer programmign a certain language, and the language becomes obsolete, i'm forced to learn a new programming language completely from scratch. This aspect of computer science is just very different from other profession, where your accumulated knowledge is better appreciated.. whether you're an architect, scientist, lawyer... etc..
but if you're a pure hard core programmer, you're left to learn the same thing the college kids are learning, and having to compete with the recent graduates... and i'm sure most companies will rather hire someone new who still strive to achieve, rather than a bitter old man. hehe
unless you're not very tied down to one programming language and actually am a master of all trades, then sure, your expertise and experience will be respected to some degree, but there are many who are very specialized in just one language.
that's why i can see where you're coming from. especially with outsourcing.