I can't speak of aged tobaccos as I have only returned to smoking pipes 3years ago and have not had the opportunity to lay down a cellar.
I have still, and have smoked cigars from the '70's and '80s, and they exhibit mellowed attenuated flavours. My guess is that most would have been better smoked when they were 10years old, rather than at 30 or 40.
I can speak with some experience of aged wines. The 3 oldest I've had in the past 3 years are a 1837 Bual (Madeira), a 1855 Port and a 1874 Rivesalte (sweet white wine from southern France). All 3 bottles were stonkingly good, and far more youthful tasting than one would expect. But these were exceptional bottles. 99.999% of bottles half their age would only be fit to be poured down the drain.
I have drunk and enjoyed German white wines that were over 50yrs old, but if I had my druthers, I'd druther enjoy most of them in their first flush of fruity youthfulness at 2-10 years old. Bridget Bardot was still very attractive at 60, but one would not argue with the fact that she was at her physical prime between 18 and 25 years old (I apologise for this non-PC male sexist comment ?)
Flavours change with age. It's whether you like those changes. My wife will only eat slightly underripe bananas. She will not eat a banana once it develops those esters associated with a ripe banana. Whereas I am the opposite, and will only eat a properly ripened banana.
Older is not necessarily better. Just different.
