For the most part a good frame builder can make a bike feel the same no matter the material but at a weight/strength penalty. I have a CF frame (Specialized Tarmac) - it is a little stiffer than my lugged steel frame (Simoncini). What I am finding is that for short rides and climbs I like Tarmac, for long rides I like the Simoncini. In general I think of the Simoncini as a sports sedan and the Tarmac as a roadster.

I firmly believe you can find a softer CF frame if you look hard enough, it will be lighter and that alone will change it's ride characteristics - it will be friskier, will accelerate better but will not allow you to rest quite as much - what spins up faster winds down faster as well. Ti is also a good choice and is easier to find, I am told a Titanium bike rides like steel, is light like CF and doesn't rust.


If you are going to get a steel lugged frame my recommendation would be to start on the columbus tube site: http://www.columbustubi.com/eng/4_4.htm - this will give you an idea of the state of the art. Find a frame with a columbus tube set and then use this site to make sure you know what it is. A good steel lugged bike is getting harder to find. A used frame is probibly the best way to go.