If by some act of God that the shafts were actually the exact same flex, you would notice:

with a graphite shaft: the shaft is lighter - this creates a higher swing speed, which creates more distance.

with a steel shaft: the shaft is heavier and will create a much more controlled shot. Steel also provides a more consistant result time after time.

Steel shafts have 0 torque, so you don't have to worry about the shaft twisting during a shot, which will open the club face on graphite shafts.

With all the benefits of steel, people still tend to get graphite for the extra distance. As graphite shafts evolve, they are bocoming more like steel in the fact that they have very little torque now. They are becoming more and more consistant, but still not as consistant as steel.

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Gord

Quote of the month:
"It's easy to see golf not as a game at all but as some whey-faced, nineteenth-century Presbyterian minister's fever dream of exorcism achieved through ritual and self-mortification." ~Bruce McCall