I definitely look older bald. The white/grey beard doesn't help either. I prefer the feeling of being clean shaven even though I know I look better with the horseshoe flattop.
Before I started shaving my head, I used to get flat top haircuts for about 5 years. I was usually able to get one the way I want, but my hair was rather thin and limp even if I had a head full of hair.
If I ever decide to let to regrow my hair, I will probably go back to getting flat tops. As for now I'm happy not having to worry about hair or getting haircuts.