One thing bothering me with default parameters is that you can't specify the last parameters but use the default values for the first ones. For example, in your code, you can't create a Foo with no name but a given age (however, if I remember correctly, this will be possible in C++0x, with the unified constructing syntax). Sometimes, this makes sense, but it can also be really awkward.
In my opinion, there is no rule of thumb. Personnaly, I tend to use multiple overloaded constructors (or methods), except if only the last argument needs a default value.