I can't put a figure on it but I believe the ally one is lighter, but not by as much as you might think.
I did weigh a few bits when I swapped my steel one for ally a few years ago but unfortunately I never did a comparison between complete assemblies, ie including spindles, chain adjusters etc.
I was left with the impression that there wasn't a lot of difference between the two but that it was still a worthwhile mod both for the relatively small weight loss and also for the improved look.
There are also further opportunities to lose a little more weight by swapping, for example, the steel brake torque pin for titanium, whereas the steel arm has an integral, welded in torque pin which is impossible to lighten.
One of these days I might actually get round to machining up such a lightweight pin. Best laid plans an' all that.
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