While other World of Darkness games have important themes to explore outside of physical conflict -- the struggle against the Beast, fighting in defense of nature, the attempt to Ascend, the impending Sixth Age -- quite often they end up as supernatural arms races, with players collecting power-ups and massive die pools. While this does any WoD game a disservice, in my experience power escalation isn't a problem in many Wraith games. Wraith, more than any other Storyteller game, is about characters. It de-emphasizes dice and cool powers in favor of background character development. A character's mortal history and values are folded into the game's mechanics in the form of Fetters, Passions and Backgrounds such as Legacy and Memorium, forcing players to establish their characters' personalities and natures before play. While some chronicles feature characters powerful enough to toss vehicles at their foes, Restless are lucky if they're able to communicate with their loved ones or even use a typewriter. Perhaps this lack of power is why the game didn't do so well. However, I consider this a strength of the Wraith game, rather than a liability.
So that Wraith isn't a power game is established. But we shouldn't be too elitist about powers either, and shy away from addressing such issues. For example, Wraith doesn't have much information for adjudicating the capabilities of older characters. As it stands, the traits of Restless cap at five dots, with characters having no ability to advance beyond this. While this isn't a problem most of the time, it makes sense to me that truly ancient wraiths that haven't Transcended or met Oblivion will be able to develop their mundane and supernatural skills to astonishing levels. The fact that there are no systems to account for this (at least that I've seen) is more a credit to the game than an actual oversight, as it reinforces the emphasis on character over systems. But, I do feel that there should be some option to simulate characters with exceptional abilities. It only makes sense if you're a six-centuries old Hierarchic gaunt, you'll have picked up your sixth dot in Politics, Manipulation or Allies at some point. And ancient wraiths have at their disposal arts that are the stuff of Underworld legend.

Aging Systems
As a wraith ages, obviously she becomes better at what she does -- even dead people can learn. Mysteries of the Underworld are explored, and she understands her nature better and better. However, her connection to the living world suffers as loved ones die, valued objects wear away, her passions fade, and she's forgotten by the living. To many wraiths this disconnection to the living world isn't worth the power they've attained, though this opinion is by no means universal.

Advanced Traits
Certain wraiths are able to attain ratings of six and even higher in their Attributes, Abilities and Arcanoi. The capacity for exceptional traits is a function of the wraith's age, below.
Lemure, young Gaunt (up to one hundred fifty years old): trait maximum 5.
Established Gaunt (one hundred fifty years old): trait maximum 6.
Elder Gaunt (three centuries old): trait maximum 7.
Venerable Gaunt (six centuries old): trait maximum 8.
Ancient Soul (one millennium old): trait maximum 9.

Revised Old Soul Background
For a more specific, "realistic" and manageable version of Old Soul, use this chart instead of the one in the Players Guide. However, there are restrictions on how the extra freebie points granted by Old Soul can be spent. First, the player must generate Wraith characters according to the rules in the book before spending the Old Soul freebies; these extra freebies background are not added to the character's initial freebie points. In addition, the following traits can't be purchased or improved with Old Soul freebies: Passions, Fetters, Eidolon, Haunt, Legacy, Memorium, Notoriety, Old Soul, and Allies and Contacts from among the Quick.

●	Fifty years old: trait max 5; five extra freebie points.
●●	One hundred years old: trait max 5; ten extra freebie points.
●●●	Two centuries old: trait max 6; fifteen extra freebie points.
●●●●	Two and a half centuries old: trait max 6; twenty extra freebie points.
●●●●●	Five centuries old or older: trait max 7; twenty-five extra freebie points.

The Price of Aging
Before you start investing all your dots in the Old Soul Background, being an old ghost isn't always good. Your connection to the world of the living is weak, and you're more acquainted with Oblivion. Many older Gaunts attain Dodem status, unable to visit the Shadowlands for more than a few hours at a time.
Only use the following rules when generating older characters, or when simulating significant downtime; characters that are played from Enfant status on up to five hundred years old won't have points added or taken away, as their in-game experience will probably reflect the following.
Disconnection: Death sucks. However, remaining that way for a long time sucks even more. Convictions and strong feelings are numbed by ennui and the ravages of time in the Underworld. Living Fetters die, while material ones are lost or become destroyed. The memories of the Quick are fleeting, and the dead and their accomplishments are forgotten. And the Harrowings all Restless endure take their toll. In practical terms, this means those traits that reflect a wraith's connection to the living world suffer the longer she's a wraith. Subtract 1 dot from one of the following traits for every full 25 years after death: permanent corpus levels, Passions, Fetters, Haunt, Legacy, Memorium and Notoriety. Allies and Contacts from the lands of the living may also be lost.
For example, Elizabeth is creating a character that is one hundred and twenty years old. This means she loses a total of four dots. She assigns two of these "negative dots" to her Fetters, one to one of her Passions, and the last one to Memoriam.
Angst: There's no way to avoid the inexorable pull of Oblivion. For every full fifty years a wraith exists, roll one die; the "difficulty" of this roll is 6 minus the wraith's Eidolon (minimum difficulty 2). For every failed roll, the wraith gains a point of permanent Angst; if a die comes up "1", the character gains two points of Angst instead of one. If this increases the character's Angst past her Willpower rating, the character can choose to instead sacrifice points of Old Soul, sacrifice permanent corpus levels, or buy down permanent Angst with freebie points (I recommend ten points per dot removed), to avoid beginning play as a Spectre (unless, of course, that's what some twisted player wants to play).
As Elizabeth's character is one hundred and twenty years old, she rolls two dice. Her character's Eidolon is 2, meaning the difficulty of the roll is 4. She rolls a 7 and a 2. As she got one failure, she gains an additional point of permanent Angst.
Learning Curve: Storytellers may impose a slower rate of progression on older wraiths; I think becoming a static thing, set in one's ways and less able to learn new things, is a danger for all immortal creatures. (Which is why I do this for older vampires, as well.) A method to simulate this rigidity is to add 1 to a character's experience point multipliers for every full one hundred years she's been dead. So a one hundred and seventy-five year-old Gaunt must spend current x 5 to increase an Attribute, current x 3 to raise an Ability, current x 4 for an Arcanos, etc. Another, simpler way to do this is to reduce the experience a wraith earns by a point or so for every century she's been kicking around in the Underworld, though the wraith always earns at least one experience point per session.

Advanced Arcanoi
While there's no reason a creative Storyteller or player can't develop new arts for Arcanoi from level six on up to nine (and I'm sure someone has done this), a simpler way of handling advanced characters is to improve on the arts they already have. Whenever a character manages to increase an Arcanos to a level above 5, a character may pick one of the following enhancements: Acclimate, Control, Expand, Extend, Familiarity, Penetrate, Refine and Temper. (Basic abilities count as arts for purposes of enhancements.) Any single Arcanos level can't be taken more than once; once a character three hundred years old picks up her sixth dot in Embody, she'll have wait another two hundred years before she can pick up another level of Embody (and thereby gain another enhancement).
Enhancements can't be taken more than once so as to stack their benefits (so Control can't be taken twice for any one Arcanos, but Control can be taken for two different Arcanoi). However, enhancements can have synergistic effects; for example, if Control reduces an art's set difficulty from 8 to 6, Familiarity may be taken with that art.
The Storyteller is the final arbitrator of what enhancements are acceptable for a particular art or Arcanos. However, Storytellers shouldn't always shy away from power; after all, there has to be some incentive to attain legendary levels of an Arcanos. As long as it doesn't disrupt game balance or compromise Wraith's underlying themes, there's no harm in allowing a creative application of an enhancement after considering it carefully.
♦ Acclimate: You're so used to using an art that you've become resistant to the effects of your Shadow's encroachment, allowing you to use the power without as much fear of suffering spiritual taint. Pick an art associated with this Arcanos that grants temporary Angst when used. Reduce the temporary Angst gained from using this art by up to two. This enhancement won't reduce Angst gained from botches.
Example: An Oracle takes the Acclimate enhancement for the Fatalism art Foreshadow. Now a successful use of the art grants no Angst.
♦ Control: You're so familiar with the basic principles of your chosen Arcanos that it's easier to use its arts. The difficulty of rolls for all arts associated with this Arcanos are decreased by 2, as long as the difficulty is a set number. When activating tempered arts that include that Arcanos, instead reduce difficulties by 1. Control doesn't apply to difficulties based on the Shroud or another's trait (such as Willpower or Stamina).
Example: A Monitor applies Control to Lifeweb. The following have their difficulties reduced by 2: Locate Fetter (basic art), Sense Strand, Web Presence and Splice Strand. As Sever Strand and Soul Pact are based on the target's Willpower, the difficulty to activate these arts is unaffected.
♦ Expand: You can drastically boost an art's effects, allowing you to spread it over a wider area or more targets. Pick an art with a set range or area of effect, or that affects a set number of targets (this includes basic abilities and arts that affect one target). You may double the art's range, area of effect, or number of targets affected when using that art. Pathos costs are unaffected, though a Storyteller may rule that a Gaunt will gain Angst in proportion to the power's increase (such as using Obliviate on multiple targets).
Example: A Sandman takes Expand for the Phantasm art Elysia, allowing him to take two subjects at a time with him per use of the art.
♦ Extend: Through discipline and training, you can maintain the effects of an art for much longer. Pick an art with a measurable duration. ("Measurable" durations are usually measured in turns, minutes or scenes, though the Storyteller may rule that Extend may be applied to arts measured in other ways.) You may double the art's duration, if you choose.
Example: A Puppeteer takes Extend for the Puppetry art Rein in the Mind. She may control the victim's body for a number of scenes equal to double the success on her roll, minus the victim's Willpower successes.
♦ Familiarity: You have mastered an art, allowing you to activate it with no effort at all. Pick an art associated with this Arcanos that (1) requires a die roll to activate and (2) has a set difficulty of 7 or less. (Hence, Familiarity doesn't apply to arts with difficulties based on the Shroud or another's trait.) You may use this art without having to make a die roll, if you wish; you're treated as if you attained one success on the roll. (You're free to make a die roll to activate the art, though, if you want to attain more success.) You must meet any Pathos costs, and you gain any Angst associated with using the art normally.
Example: A Harbinger takes the Familiarity enhancement for the Argos art Phantom Wings. He can now fly for one turn without having to make a Dexterity + Argos roll to do so.
♦ Penetrate: Your aptitude in an Arcanos allows you to better overcome the barrier between the Shadowlands and the land of the Quick. When using this Arcanos, the local Shroud is considered two lower for you (with a minimum Shroud of 3). This reduced difficulty doesn't apply to other Arcanoi, to the arts of other wraiths, or to difficulties not based on the Shroud. tempered arts that include the enhanced Arcanos grant the wraith a reduced difficulty of 1 to penetrate the Shroud.
Example: A Haunter applies Penetrate to Pandemonium. The following arts may be used as if the Shroud were two lower: Weirdness, Dark Ether, Foul Humor and Tempus Fugit. As Sense Chaos (basic art) has a set difficulty of 7, and Befuddlement is invoked against a subject's Willpower, the difficulty to activate them isn't reduced.
♦ Refine: You're able to activate a ghostly power with less emotional investment. Pick an art associated with this Arcanos that has a Pathos cost. Reduce the Pathos cost for using this art by two (minimum of zero).
Example: A Chaunteur takes Refine for the Keening art Crescendo, reducing the Pathos cost from 3 to 1.
♦ Temper: You become more resistant to all arts associated with this Arcanos used against you. You may roll your Arcanos rating, difficulty of the opposing wraith's Arcanos rating +3 (maximum difficulty 9); each success cancels one of your opponent's successes. Use of this enhancement is a reflexive action. This may be used against tempered arts that involve the Arcanos in question, though the difficulty is increased by 1.
Example: After she picks up her seventh dot in Outrage, a Spook picks up the Temper enhancement. When facing a foe with five dots in Outrage, the Spook rolls seven dice against difficulty 8 when targeted by that Arcanos, with each success she attains reducing the attacker's successes by one.