I'm a synthetic man now. I switched a long time ago due to a fraying steel cable (which can really hurt a fella not wearing leather gloves).
Pros of steel - cost, a little more durable if rubbing on rocks.
Cons of steel - fraying, rusting, if it snaps it WILL recoil, shape memory - thus hard to work with, heavy, snaps frequently if plowing a lot, etc.
Pros of Synthetic - lightweight, floats, wont' rust, if it snaps it will NOT recoil, no memory shape thus easy to work with, doesn't mind being used for plowing and thus seldom snaps, etc.
Cons of Synthetic - cost, if not using a rock guard, it will fray if rubbed against rocks frequently - I'm mindful of this and thus, use a rock guard.
It's nice to be able to freespools some synthetic rope out, coild it up around your arm, and then throw it out to a buddy stuck in a hole - no more getting wet just to give him the hook.
I do suggest purchasing "Amsteel Blue" synthetic rope. If you do the research, it's developed for the marine industry and isn't a "knock-off" product. It's made of UHMW Polyethelyne - which is Ultra High Molecular Weight Polyethelyne - thus, it will not absorb water like many of the knock-offs out there.
I bought my rope from BCOffroad.com. It's not the cheapest synthetic rope on the market, but in my honest opinion, it's the best. BC-Offroad will include a rock guard that is actually designed to fit the rope it's on. I've seen many of the other companies put rock guards on that are made for much larger rope and frankly, they don't work worth a hoot as when you spool back in, it just bunches up - next time you use it, it's just a mess.