Emile comments on What information has surprised you most recently? - Less Wrong Discussion
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I consider that to be pretty likely, though how much better the older folk are at spouse choice should strongly depend on how much their kid's situation resembles theirs (and their peer's); it would also depend on how well the parent knows the prospective spouses - so the advantages of arranged marriages would probably be greatest in small, rural communities.
(Another factor is probably the age of marriage; when people are expected to marry young they'll probably make worse decisions if left to themselves)
The comparison was between Indian love marriages, Indian arranged marriages, and American love marriages. Indian and American love marriages appear to be more similar to each other than either are to Indian love marriages in this respect... so unless you consider the American marriage age too young to make this decision, I'm not sure age is a factor.