Importance of the age of a domain for SEO

Well, there is a lot of talk about how important, the age of a domain is, and what role it plays in search result rankings. From the various things that I have heard by search engine specialists, and from my own personal experience, I would have to say that it probably does play some small part in rankings. And I believe rightly so, as more established sites in my opinion should receive some benefit, other things looked at may include the actual age of any inbound links.