What are the advantages of aging process of wine?

Aging is letting a wine sit for a period of time, from a few weeks to several years to several decades, either in a tank, barrel or bottle.

Most home winemakers start by aging their white wines and small batches of red wine in carboys and later move up to barrels, at least for some reds. Either way makes excellent wine, with stylistic and budgetary differences.

There seems to be two main advantages to aging wine. The first is the smoothing characteristics of aged, quality red wines. Most wines mature when they age, allowing aromas and flavors to develop and integrate. 

Second is the sense of exclusively involved in drinking old wines. The prestige connected with aging-potential adds greatly to the desirability and appeal of a wine.

Very old wines are appealing to consumers more because of their historical appeal than because of gastronomic factors.

It also permits consumers to participate in the process, through the conditions and durations of aging they permit.

Because the factors affecting aging are poorly understood, a mystique has built up around vineyards and varieties associated with wines that age well.

Aging of white wine has an impact on color and flavor. Young wines are pale and even green-tinged in color and are usually generally fruity in nature. Aged whites become darker in color and lose their fresh fruit character, taking in different flavors.

Red wines change in color and flavor as well but also may change in terms of the amount of astringency. Color in red wine may change from bright red to brick red to brown as it ages.

Wine aging requires an investment of time and money on the part of winery. Wines that have extended aging time will almost always have a higher price point in the retail market.
What are the advantages of aging process of wine?