This talks a bit about reynolds 953 steel. It sounds like the advantages are light weight and corrosion resistance, rivaling high end aluminum, while the disadvantages are that its still hard to work with and in the development stages. But they do say that for folks that know what they are doing (IF) some nice bikes have been made with it.
http://www.bikemag.com/news/newsarchive/110305_dain/
p.s. Lisa, do understand that not all 'stainless steel' will have the properties of reynolds 953, that is just one particular alloy. It has a very high strength to weight ratio, so the tubing can be very thin and therefore light. But some of the older 'stainless steel' bikes, like that vintage one on ebay are quite heavy. When discussing frame materials, its best to discuss particular alloys, as we well know there are many different flavors of 'steel'. I personally *love* reynolds 853 steel, but never had the opporunity to try 953, although it sounds quite exciting.



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