It's a pity this thread has deteriorated in a "steel or not" discussion. Steel isn't, in itself, an outdated tech. Reynolds 953 stainless can give titanium a run for its money as far as strength/weight ratio is concerned, and with a top of the line groupset and decent wheels can come in at or close to the UCI minimum weight.
The guys who built racing bikes out of 531 back in the day knew what they were doing. Some of those bikes were terrific, despite being heavier than the modern aluminium or CF equivalents. And these days, one can equip them with modern tech. My own custom steel bike is made of columbus spirit. Great material. I removed most of the weight differential between it and a CF bike by specifying a carbon fork. It's the bike I use for jra and ultralight touring, so I have a Shimano 105 triple on it and a set of Mavic openpros with Hope hubs. Far from the lightest set-up I could achieve, but the bike weighs in at 19 lbs despite being a 62cm frame.
That's a long way from being a "boat anchor". Sure, it's heavier than my Giant TCR, but to a degree that is noticeable only on the climbs and at race pace. I'd happily race it in a crit and not feel at any disadvantage - possibly the reverse, because having been built specifically for me it handles slightly better that the TCR, my centre of gravity is fractionally further forward.
Outdated technology? I don't really think so.