Hoke's L96

True, but you cant deny that they'd be faster on a modern carbon frame. Why limit yourself?

This:

There are people winning masters titles on steel, never mind competing in the As at Herne Hill, so I think it comes down to personal preference rather than what the performance limits might be.

and this:

This is it though, ho isn't buying a track racing bike, he's buying a track frame that will be ridden on the road as well, locked up, take to beers etc.

If it's something you're going to keep commuting on, Ho, steel is the most sensible option. If you're at a level where you think the performance advantage of carbon is going to make that little bit of difference, the chances are someone's going to be giving you free bikes anyway.