He mentioned rust for example. A lot of builders are using either the new stainless stuff or ED coating on the inside to negate rust. Essentially a non issue at this point.

He mentioned 4130, but failed to mention butting, heat treating, air hardening that allows for improvements over standard 4130, not to mention things like 953. I also thought it was odd he mentioned Columbus (Italian) versus Reynolds (English) when he brought up tubeset manufacturers.

He also failed to mention that steel is much more impact resistant to sharp objects and fails less catastrophically then carbon fiber.

He also did not mention that steel picks up where carbon leaves off for heavier riders and loads.

He also danced around the whole steel feel difference seeming to play it off to geometry.

When you summed it up, he downplayed steel's strengths while mentioning the weaknesses. Not that it really matters, people are going to ride what they like. Once they get on a steel bike, they will likely wonder why it took them so long to ride one.