I don't know very much about it! My own version and experience is that it is largely reflective of a real parental relationship emotionally whilst the physical can be what you make it by discussion.
There are times daddy is hated there are times when daddy is frustrated and annoyed, worried, upset, dissapointed but like a normal parental relationship the ties are strong and daddy can only just give out love and care.
The physical sex side is a personal decision and can be anything from zero sexual activity to severe bondage and torture.
The relationship is on one level very unlike D/s - example: You were told to do xyz for me reply f*** *** leave me alone I hate you. On another level it is a little deaper example: I am worried that Ive not done as well as he expected.
I think the most important aspect of ageplay relationships is safety a little one has to feel very very safe (don't be fulled when they do that in itself can bring up problems). Next there should in my view always be an element of re-parenting and learning new things for the little one.
From experience I find ageplay relationships more exhausting and time consuming than D/s and they can easily have the identities lost as emotions on both sides can become confusing.
If its just sexy teen and daddy role play I think the dynamics are very different and more fun based.
thats my 2 pence but I think ageplay needs a lot more recognition and exploration because experience of it can help develop positive characteristics in both but especially in the Dom or Domme.