There are advantage to either and you can certainly use either. (Contrary to what Mike Holmes says.)
Wood will allow you to hang heavy pictures, plasma TV's etc wherever and whenever you want.
With steel studs, you need to KNOW where you want to hang things and install some plywood boards between studs to accept a nail or screw when you go to install something heavy at a later date. Same goes for baseboards and doors. If you want to be solid, you need a wood backer to the steel studs.
Advantage - wood
Steel is always straight and square and doesn't twist.
Wood, you bring home and it will start to twist badly in the matter of 2 days to the point where you will have to fight with it.
Advantage - steel.
Steel can corrode, but you need a very real moisture problem and if the moisture in your basement is so bad as to corrode steel, it will cause mold in the wood.
Advantage - neither.
Steel is cold, wood is warm. Steel will conduct cold, wood will not. In either case, I like the detail of putting a continuous thermal break up against the foundation wall first in the form of 2 inch thick sheets of styrofoam, then studding in front of the styrofoam. In this way, the steel studs will not conduct cold, though you need to be careful that your foundation wall is in good condition because a wall that used to be warm in the winter will now freeze and if it's poor concrete, or masonry and it freezes, you risk failing your wall. Likewise NEVER insulate old rubblestone foundation walls (pre 1940 ish) because the wall will freeze, the mortar will freeze and subsequently turn to dust, and you have a severe structural problem on your hands. Never insulate basement walls that aren't in tip top condition!!!
Advantage wood
For me, I think I'd go wood for the sole reason that it allows you to hang heavy pictures, TV's etc. from your walls. For no other reason than this.