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@tynan
Steel is strong, alluminium is light, titanium is a compromise between to two (but by no means equidistant).
Unlike other bike applications you can't really use alluminium for a BB spindle (although they exist, I should know I own a few!) so titanium is the lightweight choice whilst still being robust enough for regular use.
They do flex more than steel, but if Tour de France riders (and winners) ride them then, at the least, they are viable as performance parts (performance parts here implies weight limits, good maintenance, installation with torque wrenches etc etc).
I have a titanium Tune AC38 for sale if interested, although super light and pretty strong (two sets of bearings on the drive side !) it is a bit wide for fixed/ss at 111mm.