No, not necessarily. I think it's all about how the hair and the cut is groomed. I do think that someone with gray hair who doesn't have a well-maintained cut - lots of frizz and split ends - can slip too easily into frumpy territory, though - but to be fair, I also feel that's true for women with non-gray hair! I also think that gray hair *can* be aging depending on the coloring of the person, but again, that can sometimes be counterbalanced by the right cut (and making sure to wear flattering colors of clothing, since gray/silver hair is colorless.)
I have seen so many examples of women who I have seen make this look incredibly well! For example, a coworker lost her hair entirely due to cancer after dying it for years. When it grew back, her stylist told her not to dye it until the chemo-damaged hair had grown out. It grew back silvery gray and in the CUTEST spunky, choppy pixie - her stylist truly only had to do the bare minimum of shaping to keep it looking chic! (It is so similar to Jamie Lee Curtis' cut and looks amazing on my coworker.) I hope that she won't change it because the gray looks textured, clean, and BEAUTIFUL on her.
And we have many gray - and - silver ladies rocking it on the forum that I think have very carefully cultivated looks, and I love their locks as is. (Shannon and Joy were the first who spring to my mind, too!)
My dad went VERY prematurely gray, but his hair is now a pure, clean, snowy white with just a little bit of gray that adds texture. My paternal grandmother's hair was the same way before she passed away. So I have hope that when I gray, it will be a very pretty, clean color by the time I'm ready to bare my roots. (But I also hope that's a LONG way off!)