This thread has more coverage in other areas also.
I would go with the steel studs. They do not mold up, and they are cheaper. Also faster to put up and finish.
Just remember if you use sheetrock, keep it off the floor at least 1 inch. Saves you from water wicking up the walls.
We should just post the perfect basement somewhere or at least look it up. I know Handyguy is doing a podcast...maybe I'll look in.