Earlier quoted context omitted.
I answer my mobile from my iMac regularly without issues. I don't have the 'continuity' feature due to Apple's choice to block old iMacs (mine is a late-08 model), other than that, it's a bit slower at app-launching but I didn't had any major issues.
>due to Apple's choice to block old iMacs this wasn't a choice of blocking older Macs. The fact is that continuity requires Bluetooth LE (or you would be complaining about greatly reduced phone battery life) and your old iMac doesn't have BT-LE capable hardware (BT-LE and BT only share the name - aside of that they are quite disimilar)
It really does feel like Apple blacklisted older machines from using Continuity; only third-party kext hacking can get things started again.
[1] https://github.com/dokterdok/Continuity-Activation-Tool/