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Hi all, if my 27 year old VHF works, is it fine? Or would a low end new one be light years better in some way?

I am not sure, has VHF gone all digital yet? Newer radios would have an emergency button that your 27 year old model lacks.

An old radio may have less signal strength. Most definitely use more power.

New radios have better noise cancelling ability, most are waterproof, use less power (longer battery life), and have DSC (digital selective calling) along with more bells and whistles like channel scanning. Almost all portables now come with 12v charging connections.

Unless your current radio has performance problems (you can hear or be heard) IMO no real reason to replace. I replaced my last portable because it stopped working - corrosion at the antenna jack/connection. Would have continued to use if I could have repaired. The replacement is now ~5+ years old.

Thank you all. I think I'll stick with this one for now and look to upgrade when we start sailing farther than day sails.

I'm making do with a Standard 280S VHF handheld that was a backup to my nav station base mount and RAM at the helm. It's getting near 15 years old and still working like a trooper. The VHF signal is still line-of-sight though modern receivers are getting more sophisticated. As Art mentioned the newer ones can "talk" to your GPS and give position for emergency DSC "IF" you are registered and have submitted a MMSI.

Not much help on a small lake or river, but if you are in the middle of a Great Lake or 25 miles offshore and taking on water it might be a life saver.