On its last legs?

I knit this sweater a long time ago, sometime between 1993 and 1996. It's an acrylic-wool blend that my mother-in-law gave me, and it's the simplest sweater you could imagine, a bunch of sort-of rectangles of garter stitch, with sleeve increases and a v-neck. It was neglected by its intended recipient, my hub, for a while (I know this because I wore it a lot when I was pregnant with Arthur, and he's almost 9) but now, and for a few years, this is the sweater he constantly wears. And it is falling apart. The buttons have come off and been sewn on innumerable times, except for the one that fell off and rolled down a drain on Spadina last year. The cuffs are fraying. There's an actual hole in it somewhere.

I have knit him other sweaters, including this one in Cotton Fleece, which he says he'll wear in the spring, and this blue one, which he once left in a conference room in Montreal and he had to race back across town to rescue it, and now he's a bit nervous about it. (It is made of wonderful soft wool, and the pattern is some of his convection experiment data. It's chaotic!) I feel like perhaps it's time to move on from this old sweater, now, dear...
But, he wears it, and he likes it, and I did make it for him, so I guess I should be flattered that he still uses it. But as a better knitter now than I was then, I wish he would show off the better sweaters, and keep the fraying cuffs at home! Or else I shall have to dig into the Rowan black Yorkshire Tweed and mend the holes and stuff, and that is just too hard....