It depends on context. When I was teaching college students and was only a few years older than they were, looking young (I looked about 17 at the time) was a distinct disadvantage. It's very cliche, but since I turned 30 and started worrying about my "lost youth"
I don't mind so much that people think I'm in my early 20s. I got carded the other night to buy a margarita and the waitress wouldn't believe I was 31. Felt good