If a post is older than 7 days you cannot reward the post anymore. The money doesn't go anywhere it seems, the money that is attached to the post represents a share of the daily reward pool. I think the 7 day pay period is a good change, and don't think another pay period is necessary, but in the past there were two, one that paid roughly 24 hours after the post, and then one that paid 30 days after the first payout, but the problem I think is that these transactions need to be solved by some kind of limit, and having them limitless won't resolve the pay period and how that looks with the reward pool at the time.
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You're right about the money not going anywhere. I just tried to upvote that 5 mo old post and the total did not change, but it looked like it accepted the vote. IDK
You make a good point. Perhaps an edit feature so the author can go back and edit for outside monetization like affiliate links as an example. If it's lost on steemit but being found in google search, the author still gets paid, and steemit still wins.