I'm probably just thick, and not wanting to hijack the question, wouldn't it have been better phrased as ;
"Leaving cost and componentry aside, and on the assumption that they are all available as "new", what modern or vintage classic steel/lugged frame would you buy and state why ?"
I'd find that a lot easier to answer..........And I'd probably get a better idea from other answers of what "values" the group considers important or otherwise.
It's not that I don't want to answer the question, but as I've seen neither a Masi from 25 years ago or a Waterford from today, you might as well ask me to compare a Caminargent with a Rover Safety.
Bob Reid
Stonehaven
Scotland