I've only used steel so far, and aside from the obvious disadvantages (frayed filaments, splinters and kinks) which, with care, can be avoided, I think it does fine for me. Plus you never have to worry about abrasion cuts, wear, etc, and regular fairleads are cheap.
I would suggest going with steel till it breaks or kinks badly, then buying an aftermarket synthetic rope (about 55$). Manufacturers charge more for a pre-spooled synthetic winch than it would cost you to do the aftermarket replacement.
I would suggest going with steel till it breaks or kinks badly, then buying an aftermarket synthetic rope (about 55$). Manufacturers charge more for a pre-spooled synthetic winch than it would cost you to do the aftermarket replacement.