Very true and this is just the latest rendition of the arguments with many threads having gone over the same points in the past.
The bottom line is they both have strengths and weaknesses and some specific applications where one may be preferred over the other. I have run both extensively, sometimes at the same time on opposite sides of the boat.
Braid for example while very strong and long lasting, is also fragile and easily cut. If you fish in extreme fast current and your riggers are mounted forward on the boat and steel gets close to the prop with its sharp blade edges on the non running main or hung up over it and has to be lifted off, it will survive the process which is why I was running steel on that side and braid on the other. Braid will cut off in the same circumstances. On the other hand braid will rap around a smooth prop guard on the kicker side in Crazy Ivan tight turns in fast current and be just fine.
Lately I have been favoring steel a little more than braid. Steel is more cut resistant than braid and if you combat fish in a zoo with many other boats in strong current, where intimidation is sometimes a factor (it shouldn't be, but sometimes it is), lets just say steel is more reassuring. If braid and steel ever meet under water, twisted steel is both hard and abrasive and will win, cutting through the braid.
I have also found that while braid can be both strong and long lasting it also can fail and in my experience when it does it often comes out of no where with no for-warning, Your ball and terminal gear is just gone. When steel gets weak, stressed or damaged it will often give you a warning that it is time to replace it or at least cut some off. Damaged or stressed steel will often break a strand or two while still strong enough to hold the ball and the broken strand/s is usually easy to see and notice while working the gear. It screams replace me or at least cut some off and re crimp. Both braid and steel need to be inspected and replaced or some cut off and retied or re-crimped periodically and braid can fray overtime, especially near the terminal. Both braid and steel have a life span and need to be replaced. A plus for the braid is that it's life span is usually longer, sometimes much longer than steel, however, if you are past due on maintenance or replacement, or damage has occurred, the steel will often warn you it is time to replace before failure, the braid, not so much.
Finally there is research on steel cable and boat generated electrical fields that can both attract and repel salmon when using steel. This is not really an issue with braid, which is neutral. With braid you do not have to worry that the electrical field is running hot and decreasing the chance of strikes. On the other hand salmon like some degree of electrical field and if its the right amount with steel it can actually increase the amount of strikes over a boat with steel that is 'hot' or braid that is simply neutral. Before braid there where guys that could check and tune the electrical field of the boat to make it optimal for catching salmon and later electrical devices were added to tune the electrical field being carried by the steel cable down into the water column. As I understand it, lots of work, especially on commercial boats was done to determine the optimal electrical field, even for different species of salmon. In the old days if a boat was hot, it caught less salmon than it should. If it was fishy (had a good electrical field) it caught more salmon. If your boat is running hot, switching to braid may improve your fishing but tuning the boat generated electrical field with the steel may improve it a little more. Like many theories and practices to do with fishing, there are some who think boat electrical field issues is nonsense and others that swear by it.