It seems that research showing benefits of exercise is multiplying. This study only looked at men, and if you look at the "after age 40 group", their average age of starting endurance training was 48. From Science Daily:
A study of healthy senior men has found that "relatively intensive" endurance exercise confers benefits on the heart irrespective of the age at which they began training. The benefits were evident and comparable in those who had started training before the age of 30 or after the age of 40. As a result, said the investigators, 40 is not too old to start endurance training.
The study was performed in 40 healthy men (without cardiovascular risk factors) aged between 55 and 70 years who were divided for assessment according to the level of exercise they took and the ages at which they began. Thus, 10 of the men had never exercised for more than 2 hours a week throughout their lives, and 30 had exercised for at least 7 hours a week for over five years.
The regular exercise they took was either running or cycling. Those beginning before the age of 30 had been training for an average of 39 years (since the age of 22) and those starting at 40 for 18 years (since the age of 48).
First, resting heart rate was found to be similar between the two exercise groups (T30 56.8 bpm, T40 58.1 bpm), but significantly faster in the non-exercising men (69.7 bpm). Maximal oxygen uptake was also similar between the T30 (47.3 ml/min/kg) and T40 groups (44.6 ml/min/kg), but significantly lower in the non-exercising men (33.0 ml/min/kg).
The study also found no difference between T30 and T40 in cardiac echocardiography tests. "Thus," said Matelot, "despite biological changes with age, the heart still seems -- even at the age of 40 -- amenable to modification by endurance training. Starting at the age of 40 does not seem to impair the cardiac benefits.
Matelot pointed out that aging is associated with adverse structural and functional changes to the cardiovascular system. And, while physical activity is unable to prevent these changes, it is able to slow them down.