Hmm. I think that the "youth is wasted on the young" idea has the makings of a story [*scribbles something down*] alright.
In my personal, teenage opinion, yes, youth is wasted on the young, but it's not the young's fault. Wouldn't it be amazing to have genetic memory so that this problem could be avoided? Sounds like the "constant clone" idea from Aeon Flux, but this way, the industrialized education system would fall to something even better, because if the memory was even simply two generations long, we would progress in twice the speed. War veteran's would have a say in their thoughts, and there would be a huge problem with twins. I say two generations, because individuality has to be maintained. without it, we don't progress as a species, which is at least as important as evolving in terms of knowledge.
It's more realistic than living forever: having a continence forever. A constant memory...