if you are facing war machines, stegs are dead meat, as they are priority targets. with some luck, a steg can go down in 1 catapult hit. people also use to fire on sallies, but not so much and also it is a bit more difficult to hit them due to their smaller base and smaller height (for LOS purposes).
if there are no WMs, stegs can be quite good at fighting infantry and even cavalry (but only when the steg charges, not when he is charged). however, I still think you can get a better punch and more versatility for the points, if you take saurus or skrox.
1 steg advantage - terror - was good in 7th but is crap now.
on the other hand, chameleons can be used well as WM hunters and harassers in opponent's back and salamanders are just great in 8th (unless they decide to eat their portion of skink instead of shooting) - they can march (12") and fire, use the flame template (now every model is hit, even if only partially under template), with a -3 armor save modifier and a flaming attack, force panic checks if they cause even 1 wound with their shooting, have -1 to be hit by shooting, can pass wounds to handlers, can survive some combat. and cost 75 pts. what else needs to be said?
to sum up: the only steg I would take is an EOTG one (and only in a bigger game). otherwise it's clearly salamanders and chameleons for me.