Well, if they were built right, with the right materials and a lot of love, taken care of, they don't.
I linked Jeff's Bike Jerks blog entry, and you should go take a read. A local boy doing the Stupor Bowl race on a steel Croll road bike that I built back in 1997? Maybe '96? '98? When you have been doing this as long as I have, the years get a little blurry.
Search the Bike Jerks Blog for Croll, and you might be a little surprised .Jeff loves this bike, and he won another, yes ANOTHER Stupor Bowl on it. Now don't forget that this race is hard, and this years race was even harder.
This frame and fork are over ten years old, still running local races and winning them to.
Steel. What can we say?
Did I mention that Jeff has a Peacock too?