There's a much broader range of options in graphite shafts, but if you don't have a good understanding of the kind of performance you want, graphite won't do you much good. Also, any golfer who has experienced a noticeable loss of distance should consider graphite shafts. The average player who can' t hit steel shafts isn't going to get any benefit from graphite. You only need graphite shafts if you have poor flexibility or strength, or if you're unusually tall. If a golfer is looking for lighter shafts, there are excellent steel products available now that are lightweight and extremely consistent.
Composite shafts are more appropriate for woods because of the longer lengths involved.
When it comes to irons, graphite is better for players who have slower swing speeds and need more flex. Steel shafts are the choice for most better players because of the consistency and feel they provide. The importance of torque has been blown out of proportion lately. Generally, the average player can probably do well with anywhere from four to six degrees of torque. Shafts that have too little torque are usually too stiff for most people to handle effectively.