Well, getting rid of the bean counter as CEO is a good thing strategically, although I'm guessing having him there was good for short term profits. I saw a quote recently, "An economist knows the price of everything but value of nothing." While both extremes of that statement are, I'm sure, a gross exageration, it does point out the focus that a CEO can have. I don't think anyone would call Jobs an economist...
The photo is at least fairly recent (within the past few years) as near as I can tell. You can take a look at the official photo on the AMD website.
I agree with you. He looks a lot younger than 49. More power to him.