I too have had - and still have - long-lasting 1e characters but every one of them has died more than once and most of them have lost a level or two at some point. One of them has also been aged twice, once by a ghost and once by something I forget now; his age has gone up and down like a yo-yo through his career.
It ain't snakes and ladders when there's no snakes on the board.
"After facing that [level-drainer] you're just not the [insert class name here] you used to be" doesn't make narrative sense?
How about sudden aging, such as that which happens when you get on the wrong side of a 1e ghost. In a system where age category directly affects one's stats (which IMO is a good and realistic mechanic), sudden massive aging can really wreck your day, and it's straight out of real-world folklore.
I'm pretty sure 5e (and 4e?) don't have aging as an effect any more.