Interesting discussion, but it makes sense to me that it goes down to the quality of the materials regardless of frame composition. My Gunnar is a full custom, and they have their own custom lightweight steel tubing they use for both Waterford and Gunnar builds (they use two basic types). The ride is very smooth and cushy - the only bike I've ridden that is more comfortable is my fill suspension mountain bike!

My LHT is less comfortable, though far better than my Trek 7.6 was. The steel tubing is much heavier and indeed the smaller LHT sizes could be said to be over-built. Nice ride, but not as sweet as my Gunnar - and I am specifically referring to road vibration/dampening, NOT handling. The Gunnar wins in that department as well but that is another topic.