I have a 1970's Dawes Galaxy that I've just had refurbished with modern components and it easily in the top 5 of the best bikes I've ever ridden, and I've ridden a few. I also ride an unbranded handmade Iatalian cyclo-cross bike made from Columbus tubing. It's from the early 80's and it's amazingly light and strong. It can easily compare with many modern alloy frames from the most reputed makers, except that it's much MUCH tougher.
I use the first for touring (and I couln't really imagine touring on anything else, especially when you consider what the bike has to cope with) and the other when I want speed.
There's an incredible amount of snobery against lugged steel frames at the minute and, it's sad to say, they' re on the way out.
If carbon, alloy, titanium, God knows what really made bikes so much lighter, faster, better in any way, then cyclists would have opted in favour of these materials a very long time ago.
The only advantage of giving up on steel bikes is to make cyclists buy more bikes more often from big companies who have one-size-fits-all frames built in massive workshops in the Far East and to kill off small independant bike shops and local frame builders.
I'd like to hear from anybody who either shares my views or who may have contrasting opinions.
f.j.