Yeah same for me, I replaced the old winch as it was buggered and went for the Dyneema rope model as above. The steel one is $650 I believe.1000 bucks for an ironman 12,000lb winch with the synthetic rope, comes with a nice wireless remote and also 3 year replace warranty. That's the deal I got anyways.
Here is a good review of what to buy based on the warranty provided by the manufacturer.
WINCH WARRANTY'S,who to support and when to walk - 4x4 Earth