Jakerz, I can't speak for steel, but I owe the fact that I am on this side of the dirt to a ceramic chest plate. While your points are all valid, ceramic suits my purposes, and I am fortunate enough to be able to obtain them at reasonable cost.
No, I completely agree. If I could get ceramic plates at a good price, I would pick up a couple. I don't have that option, so I had to settle for a steel/titanium combo. I figure most people will only pick up one set of plates, and if that is the case, I would choose steel.