I have a Waterford 2200 and a Seven Aerios. The Seven has a sloping tope tube (similar to compact) but both bikes have very similar geometry. I also had the Seven built with thicker walled tubing in the rear, epsecially the stays. The ride is very similar between the two and both have the same CF fork, although the Wtareford has a 1" diameter steerer. About the only difference is the Seven doesn't flez much at all on steep clims and sprints, but that's due to the way I had the rear built. I assume Waterford could do the same thing.

Bottom line is I don't feel much difference at all between the two except for what I mentioned above. In my opinion, steel and Ti can be built so the two are virtually the same.