I entered into the vacuum-bag route with some hesitation ... which quickly and decisively disappeared very quickly. I love it! So convenient for so many reasons. Obviously it provides a different aging experience for the cheese, so certainly may be reasons not to bag a particular variety (and some CANNOT be bagged without stopping the process - e.g., brie or camembert) - but in general I've found it to be an ideal solution for enabling worry-free aging and maximizing the use of the limited "cave" space that I have available.
As a reference point, the longest-aged cheese in a vacuum bag in my cave at the moment is half of a Romano, which as of today is 2 days shy of 26 months old. During that time it has gradually transformed from its initial white color to a deep caramel color, and the taste has developed and intensified. I started using the first quarter from it at about 16 months, and the second quarter I pulled out about 4 months ago; each time I have re-sealed. Based on the relatively slow rate of usage, I anticipate that it will make it to at least 3 years of age before I use the last quarter.
Given the modest size of the make - only 4 gallons, rather than the hundred-gallon-plus required for a true parma/Romano style - there is no way I could have left this unbagged for so long; it would have dried out to be all tough rind and nothing else! When I made it, I did leave it unbagged for a couple of months, to give it plenty of time to breathe and develop a rind, but ever since it's been in the bag.