Framesaver will extend the life of your steel frame... I don't know by how long though, but just looking inside my seat tube and seeing all that orange rust on both of my bikes (that I purchased within the last 2 months)... gives me the heeby jeebies already.

I read some articles on the Rivendell Bicycles website that were interesting.

I'm sure surface rust like what I'm seeing is not a big deal, but it's still annoying, considering I never got that with my aluminum bikes.