if anyone would make a really good steel sprocket, they would be as good or better than an alloy one all around. And i'm not talking about those sidewinder stainless ones...they are too soft! If they made a lightened rear steel like the premium front ones, it would last forever, and like jaybird says you could have a really crappy chain and not really wear it out.
the chain only "sort of" acts like a flywheel.
it is not solid with the crankshaft, there is always a lag between acceleration and decelleration, depending on chain tension. Also it is connected to the crankshaft through a gear system, in other words since it spins slower than the crank, it has less of a flywheel effect (I realize that last statement oversimplified the physics of it, but you get the idea).