Of course 727s are still operated today.
Maybe they've dropped in some fancy GPS stuff and a FMC-like navigational aid, but the basis is that old thing you are seeing in the sim there.
Altitude alert and some FMC, no Autothrottle, no Autoland, still an FE, no displays except for TCAS or something.
http://www.airliners.net/photo/Total-Linhas-Aereas/Boeing-727-223-Adv%28F%29/0401906/&sid=37b517034f790b60a7a7d0d147d1f142
You'll even find the mighty 707 being in service here and there, mostly cargo roles though.

While the military often uses stuff for very long cycles (look a the B-52, being modernized somehow, she will remain in service for some decades to come), some civilian planes receive this honour too. The old DC-3s, some Convairs and lots of other "sixties" stuff (or even older ones) are around in the skies.
I can only recommend the sim flyers to use them online, just to show that some people don't need a FMC to drive that heavy plane around all the 763s out there.  :D
I guess that some online ATC will be pleased too to see some "exotic" and old aircraft closing in.

Regarding the optics, as Lou said, I don't think that any transportation device in commercial service will look "new" for more than a few weeks after delivery. So the optics in the sim correspond to the real thing while anybody is free to user-edit some textures there of course.
This means that you are not THE pilot, but just the next guy to use her, while another one will jump on the still warm thing when you're done.
Talking about planes!  :P