Well I personally don't qualify as an old fart as i'm 24but my father is 47 and he is getting serious about competing. Right now he's 5'8 1/2 - 215lbs at about 10-11% bf.....
He just started a 3 month plan and diet to cut down and see what his body responds to. I think this year is a test/trial period for him and he'll compete next year. He's overcome a TON of injuries..... 3 abdominal surgeries, rotator cuff repair, and a "capping" of the shoulder (almost a bipolar shoulder for bone on bone) - he's motivated more than ever to compete but he's a little worried about the scarring on his stomach - his abs aren't "perfect" anymore because of it.....
You guys are all motivation for us young guys! I hope when I'm in my 40's and 50's i'll look as good as all of you!
~Haz~