Steel is not a magic material, despite what some of its partisans write on this board. It's main advantages are:

1. repairability (easily bent back into place if wrecked)

2. tradition.

It's not necessarily lighter or heavier than other materials, nor is it necessarily better- or worse-riding. Lugged steel frames can be aesthetically pleasing, but beauty is in the eye of the beholder. People drool over Orcas all the time, too.