I can’t speak yet for the long term, but I can offer my own experience so far: I’m 40, my husband is 41, and Baby Matata is 8 days old. Totally uncomplicated pregnancy and delivery, beautiful healthy baby girl. This is my third child, and my husband’s first.
What I’ve noticed to this point: Pregnancy was physically harder for me at 40 than at 28 and 31, when my older kids were born. I was more tired, my back ached more, I had the worst acid reflux ever for most of the nine months, etc. (And the issues that were hard for me were maybe even harder on my husband. I knew what to expect, and to expect these discomforts. He didn’t know what to expect, and was miserable because there was so little he could do to make me feel better. I think even the delivery was harder on him than on me, for the same reasons. If I were that sort of wife, I could have parlayed my darling husband’s guilt into lots of jewelry!)
I used a midwife practice and birth center for my care, and my pregnancy was treated as “normal risk,” not “high risk due to advanced maternal age.” Possibly that would have been different had this been my first pregnancy. I don’t know. I’m finding that I have far more patience with and tolerance for all of the “issues” that come up with a new baby - sleepless nights, mostly. At my age, I know beyond reasonable doubt that this is my last baby, so even the sleepless nights, rashes, endless diaper changes, and unexplainable crying jags are “easier,” because I know I won’t be doing this again.
My advice? If you are an otherwise healthy couple, and you both really, really want a baby, go for it. Yes, there are some slightly higher risks associated with older parents, but those risks are balanced by your emotional and financial stability. If you really aren’t sure that you want a baby, enjoy your quiet, calm, child-free lives. Parenthood isn’t for the faint of heart! 
(And regarding the worries about dying early in your child’s life? I’m pretty fatalistic about that. My own father died when I was 9, but he was only 35 years old at the time. You could get hit by a bus at any moment, but statistically, you’ve got some good years left. That’s truly not a reason to have or not to have a baby.)