As for effects of aging, some things I think would make sense:
-slower healing (natural healing.....medicines/potions would be needed)
-higher liklihood of greater damage from heavy blows in combat
-slow increase in wisdom/intelligence (from life experience)
-eligibility for political office, induction into the Hall of Heroes, becoming the subject in commisioned works of art (paintings, statues, etc)

Again, I would advocate a slow aging effect that is basically negligible for the first 300 hours of server time.