I currently own and ride a great old '88 “bonded” aluminum Trek 1400, as well as a '99 Cannondale with a carbon fork, and a 2 year old alloy Trek (also with a carbon fork). The alloy bikes have certainly improved over the years.

I also like, own, and ride vintage steel bikes... although they tend to rotate. IMHO a (new) modern aluminum bicycle can ride every bit as nice as a equal quality steel bike.