I had a cold water steriliser for Elijah, but steam for the others.
I preferred the steam. The main advantage with cold water was I could leave the bottles in the water until I needed them (for up to 24 hours). With steam once you open the sterilizer you need to take out everything and if left unopened things only stay sterile for around 3 hours. I always took them out and put cold boiled water in them, then topped up with boiled water and formula when needed.
Steam only takes around 10 minutes, but cold water takes 30 minutes, so if you forget to sterilise a bottle you have a screaming baby on your hands for what seems eternity (been there, done that

)