There's a distinction between dry cut and cold cut saws. I always get it mixed up, but a cold cut saw (I'm pretty sure) is a $5,000+ piece of machinery that used a coolant bath to make machine-shop-like precision cuts. Then there's the $400-ish carbide tip chop-type saws that use low-RPM motors and carbide-tipped blades and are a great replacement for abrasive cut-off saws.
If you're talking about the latter, then they're fantastic. Louder and faster than a band saw, with less set-up. The advantage to a band saw is that you can set it to cutting (even a bundle of stock) and walk away. The nice thing about a dry cut saw is that you can cut steel as fast as you'd cut wood. It leaves a very clean edge and you can take the saw off the shelf, make a few cuts, and then put the thing back away.
I have a Milwaukee 6190-20 that I got bladeless on Ebay for ~$300. I use Freud Diablo metal cutting blades with it and it's one of the most useful tools in my garage. When I had to cut 300 pickets for a wrought-iron-style fence, the thing was perfect for the job.
A horizontal band saw is also a pretty great tool, once you've got it set up and going. It's going to eat up floor space, which is why I sent mine back (small garage). But blades are cheap and you can have a cup of coffee while the the tool does the work. They can be pretty cheap, too. There's a lot of info out there on the web for getting the HF 4x6 saws set up and working very well.
A portaband saw with a Swag Offroad stand is also a great way to cut steel.
