Nice to see your comments, Sanjeev. However, I don't think Dravid withdrew from the twenty20 tournament just because he thought it is meant for youngsters. He would have appreciated the break from non-stop cricket and also he probably knew that to do well in the tournament all 3 of them cannot play in the same team. With Sachin and Ganguly undroppable due to a variety of factors, and with Dravid incumbent captain, the only choice was all or none. He took the latter option.
Besides, let's also not forget that twenty20 is now so important only because India won the tournament. Nobody would have cared about this had India lost in the first round. It would have been reduced to the status of an exhibition event. Probably another reason why Dravid opted out.