Ti rules, so does steel, carbon, aluminium. You can make a great bike out of any of those materials. Depends on you: what you want; how you want your ride to feel; how you want to perform if racing.
For me, it's Ti. I'll spend the extra dough on that Ti frame. I was struck by a hit-and-run driver on my carbon racer last year and at first it only looked like he destroyed my forks; but closer inspection revealed striations and lacerations up and down the drive side of the frame. That's it -- out she goes. I just don't want that to happen again.
But if I were a pro obviously I'd be on carbon -- I'd want to be!
Nothing like the aesthetics of a naked Ti frame though.
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I'd be doing myself, and you guys, a disservice if I didn't ride the hell out of this thing!