There are plenty of good graphite shafts available for irons.

PRO's of Steel -

#1 -- There are many super light weight steel shafts on the market today that compare in weight to graphite. 10 years ago, graphite was a great way to gain distance because steel shafts were almost all in the 120 to 130 gram weight (uncut shaft) versus the 85 to 100 gram weight of graphite. Today, many sets are available with steel shafts weighing around 100 grams so you don't have to get graphite shafts to gain distance.

#2 -- Steel shafts are pretty indestructable. They withstand a beating even if you play alot of cart golf. Graphite shafted irons arent protected by long-neck headcovers like your woods. The graphite shafts get the paint scraped off pretty quickly.

#3 -- Expense. A good steel shaft with a torque rating of 1.5 to 1.8 is relatively inexpensive in comparason to graphite. A set of irons with quality graphite shafts would cost $150 or $200 more than steel.

PRO's of Graphite -

#1 -- If you're set on getting the lightes possible shafts in your irons, grpahite is the only way to go. Lighter steel shafts have become available over the years, but if you want anything less than 95 grams or so, graphite is the only option.

#2 -- Vibration absorbtion is better than steel. I''ve heard that the True Temper shafts with Sensicore help make steel feel like graphite, but that's a whole 'nother topic in itself.