Pinot noir that is, and it is quite an interesting conundrum. The pinot noir grape has generally been accepted to not age well for a red grape, though one does see many decades old bottles of Romanee Conti and the like that apparently hold up quite well! Burgundies are usually the exception, and actually often operate antithetically compared to the more fruit forward freshness of New World pinots - they are austere at the first instance with high acidity, and gradually unfold over time. In any case, due to an overall lighter tannic structure in general compared to other red varietals, pinot noir tends to 'fall off' after 5-8 years in the bottle and lose its fruit and become a little shabby around the edges, losing its structure and nose most noticeably.
Perfectly aging wine can be a very subjective practice. Preference oscillates between young, fruit forward and open mouth-feel wines to more tannic, crimson reds. The majority of wines these days are made for relatively immediate consumption. It is also a gamble - a wine that has been aged too long does not live to fight another day, but rather should be used for cooking that next bolognese you were planning on making.
Beyond taste profile and tannins, there also just isn't the history in New World pinots (and the old vines that go along with that) in order for us to have benchmark when it comes to aging pinot noir like in Burgundy. We have no reference points. As any relatively new region develops, experimentation begins over time for aging potential through cloning, winemaking, and terroir. We'll find out about current Oregon and California superstars sooner or later - in fact single vineyard reserve bottlings are appearing rapidly that portend of things to come.