In order to provide some small amount of data for this debate, I have purchased a set of stock steel wheels for my Magnum. Today, I swapped out my stock alloy wheels with the steel wheels, and tomorrow I will top off the tire pressure and verify lug nut torque and do my daily commute thingy.
The steel rim weighs 23 lb 7 oz, and the alloy wheel weighs 22 lb 2 oz.
Stock alloy (10.035 kg):
Stock steel (10.660 kg):
On a side note, I got a really good deal. Normally, steel wheels go for about $60 per wheel in my neck of the woods. However, I found somebody who was willing to sell his wheels for $50 for the entire set.