The topic is very much open to interpretation and that, I think, is reflected in the variety of comments.
Is steel real? What do we mean by real? If we take Randy's interpretation "Yo dog, check it out man, just keepin' it real dog, just keepin' it real". Which I suppose means that he's being honest. Can steel be honest? Can claims that a 1000g steel frame offers the same energy transfer from pedal to road as a 1000g carbon bike be honest, and in this example "real"?
Then there's real as opposed to fake. If steel is real, are the other frame materials fake, or even pretenders? No that doesn't fly either.
To the commuter crowd, real means riding your bike as transport (and fitting panniers). The idea of wearing team kit is the very definition of fake and riding a Pegoretti Marcelo on a Sunday coffee run with the other CEO's is the height of fakery. Most of these commuters I believe, in the free world at least, ride aluminium (and wear socks with sandles).
Do steel riders keep it real by wearing sensible retro clothing or do many of them restore an old frame to make it a fixie (or buy one off the shelf) so they can take it for a walk along the high street, being seen by the cool cats in their skinny jeans and making a very real fashion statement? No, I don't think that's real either.
What I think is real about bikes, is the idea of being honest with yourself about what your bike should do for you. Fo me, having a Alu or carbon bike means a less comfortable ride, less feel and a shorter lifespan. If I was still racing then these would be negligable considerations and a carbon bike with Dura Ace would be the real choice. Right now I'm really excited about getting my next steel frame made for me. Will I spoil it all by wearing team kit on the coffee ride and adding a layer of fake that smothers the real steel? I probably will because my Hincapie kit is the most comfortable kit I've got.
So for me the bottom line is that the idea of steel being real is a very personal one. For my son, I'm not so sure he'll want to race that old Pegoretti "Dad, what are those cables going to the derailleur for, and where's the data acquisition sensors?"