I prefer straps. They are very resilient and can take a lot of abuse. Often times they as as strong, if not stronger than the equivelant steel cables. They are easier to winch and wrap. Only drawback is that they can be cut and fray.
Coated steel is not very good in dealing with the elements. Even stainless cable will eventually rust inside the coating and the coating is affected by UV and will dry and crack. Steel will also work harden and break if bent repeatedly.