There are a lot of misconceptions on this board. I finished my basement using steel studs. So I do speak with some experience.
1) You do not need to insulate plumbing anymore than wood studs.
2) How many times do you search for a stud when you want to hang a picture? Probably never! There are a variety of hangars - both palin and decorative - that will support anywhere from 5 to 100 pounds. They do not require a stud! If more support is needed I use a molly. Studs are never where you want a picture anyway!
3) Steel studs do not require conduit for the electric wiring. Some areas(Chicago and California towns) require conduit for ALL electric, even wood studs. You do need the 2-part plastic grommets. These are very cheap! I also used plastic outlet boxes. And yes - a licensed electrician recommended the plastic boxes. He even pulled one out to show me what type!
4) Unless you are an experienced framer, you also have a learning curve with wood studs. I've framed in both wood and steel. I found that framing went much faster with steel than wood.
5) Cutting metal studs is very easy. I used over 100 and cut each with a pair of aircraft tin snips. If I had a steel-cutting blade for my circular saw, I'd have been able to cut 10 at one time. Try that with wood studs!
6) I used regular size insulation batts. They are fine!
7) I was concerned about hanging cabinets over my countertop. I used wood studs in that area. After I was done, I learned how to use a c-channel (track) to reinforce the steel studs to hang a row of wall cabinets.
Bottom line - I'm helping my brother-in-law finish his basement. We used steel studs - even where he is going to hang wall cabinets.