I agree with those who think the text from Rivendell is garbage. I disagree with those who think steel is dead. Get a copy of Road magazine. In it is an interview with Tyler Evans of Independent Fabrication that is worth reading. Here's the last question and answer.

"What do you say to someone who says "steel is a thing of the past?"

Bicycles made out of these cutting edge steels (Reynolds 853, True Temper OX) rival the weights of some carbon fiber, titanium and aluminum frames out there. If steel was invented today, it would be revolutionary. Just looking at the numbers in comparison to a lot of other materials being used in frame manufacturing tells an amazing story. Steel has the reputation of being heavy, an in the old days it was. The alloys available just weren't strong enough to be formed into the ultra thin profiles available today. But now, with the alloys that are currently available and the ones being researched, steel in on the edge of a revival. I think a blind "tast test" is in order."

He is talking about sub 3lb. frames, by the way. This company makes a steel bike (Crown Jewel) that you can buy from the showroom floor at 16.2 lbs. That's about the same weight as my CF and aluminum bikes.

He also talks about testing he is doing on some new steel tubing that isn't available yet and that he can't talk about because of non disclosure agreements.

By the way, for a comment I read above, lugged frames don't have to be steel. Many carbon frames are lugged. I've even seen a lugged bamboo frame.