Personally, I like the idea that if I release an app that's actually feature complete and relatively free of bugs, it should be favorably ranked and not biased against due to it not being "new".
A great example of this is ConnectBot, which is a great ssh client for android. I can't remember if I've ever seen an update for it in the years I've been using it. Does this mean it should be ranked lower than JuiceSSH just because Juice is newer / has updated about once a month since it released? I'd say no.
Then again, I'm not a fan of the proposal of TFA for this same reason. Frankly, I think the store already gives us the tools to make our own decision by letting us filter by our device and by the current version.