Theoden was only about 11 when Aragorn served as Thorongil, where as Denethor was only a little younger than 30. I think that Theoden quite possibly did not recognize Aragorn. Aragorn had only been out in the wild for about 7 years then, compared to 60 during the War of the Ring. 50 years will change a person a lot, especially with him being a Ranger. He would be older and wiser, and also dressed differently. Aragorn never revealed his true name to anyone, so Theoden probably just never made the connection. And even if he thought of it, he probably wouldn't make too big of a deal out of it.
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