A new thin walled steel bike can weigh as little as a CF frame practically.
Fixing it is mucho easier, the road vibrations easier to live with (Generally..with a capital "G").
The material of the frame isn't going to make one any more or less competitive, within limits. There are many steel riders out there stompin', in the competative sense. As a newcomer to competative riding you must know you are gonna put the bike down at least a couple times, willing to risk a whoel frame on it? Just the amount of time steel has dominated the market should be an indication, CF is just a baby in diapers in comparison.