In this work, we analyze the effect of outdated channel information on the performance of a non-reciprocal wireless link. We introduce a model of channel information age for a Finite-State Markov Channel. Then, we use this model to analyze the probability of a channel estimation error and to express utility as a function of channel information age and cost of periodic feedback. This utility function allows us to analyze the trade-off between performance and timeliness of the channel information. Applying this general model to the example of Rayleigh fading, provides interesting insight into the performance and design of channel adaptation functions and feedback protocols.