Guys who have stuck with it will tell you that steel already works well enough for waterfowl. The problem is making it work as well as possible for upland game. And, for those of us who shoot "classic" shotguns, making it work--to the greatest degree possible--in century old guns. The CIP has already developed guidelines for steel shot loads that they consider to be safe in guns that meet standard CIP proof (850 bars). Basically, their requirements for ammunition that meets CIP standards limits shot size, velocity, and pressure. The same loads should work in vintage American guns in good condition. I don't believe any of those loads are commercially available in the States currently, but they probably will be--or some American manufacturer will jump on the bandwagon and produce similar loads.
These loads will not be as good as lead, if for no other reason than the fact that steel is inferior, ballistically, to lead. But they will provide a cheaper option than the soft nontox shells for those of us with vintage guns.