I thought I'd start this so that we can keep all the talk/discussion/arguments/death threats etc about both types of setup in it's own area. I've not driven a car with the OEM Ceramics so most of my knowledge is gained from this forum and a few others and I've also decided not to include Aftermarket Steels (OEM sized or bigger) to avoid confusing the issue.
So anyway, in my opinion -
Audi OEM Ceramics
Pro's -
Better stopping power than OEM Steel on the same car due to bigger pad/disc contact area.
Lack of fade at higher temps (900'c limit) after repeated high speed stops.
Lighter for better unsprung weight which gives better steering feel.
Last longer before needing replacing (80k+ miles).
Con's -
Expensive to replace (£2500 per corner).
Keeping the heat at 900'c for long durations (10-20 laps on a track) causes surface material to degraded rapidly (you can kill a set in 3 laps of the Ring, proven twice).
Delicate to knocks so be careful removing the wheels.
Noisy when cold.
Audi OEM 390mm Steel
Pro's -
Cheaper, much cheaper.
Can take more "abuse" before failing (i.e. knocks etc).
Did I mention "Much Cheaper"

Difficult to damage with excess heat on track (also see con's).
Con's -
Heavy, very heavy which effects steering feel.
Fade after 5-6 high speed stops (700'c limit).
Don't last as long (20k miles).
Conclusion
I think that's a pretty fair list of what I believe to be the biggest Pro's and Con's of both. In my opinion for road use Ceramics are better than the OEM steels if you can afford them but the OEM steels certainly aren't the "death-trap" people would have you believe, unless you're one of these people stopping from 170mph+ multiple time whilst on the road

For track use (rare for most I know) both would need cool down laps every 5-6 laps of a normal UK circuit, the steels due to heat induced fade and the ceramics to prevent heat damage from the constant exposure to 900'c temps for minutes at a time so I'd go with Steels just because they're less likely than the ceramics to be damaged and cost me £5k to replace.
So what do you guys think?