I purchased this saw to cut 2"x2" (.083) square steel tube. It works well for that task. I took the multipurpose blade off and replaced it with a dedicated steel blade - I expect the life of the multipurpose blade would be quite poor (in steel). If you are only cutting metal occasionally it might work ok.
It does spit very hot, angry steel chips back at you so a full face guard or goggles are a must (unless you like blue-hot steel chips in your eye).
One problem - after less than 10 cuts the spray of steel chips damaged the lens on the laser guide (plastic) to the point where it was no longer useful as a laser - now it was more of a dim red mood light. A call to Evolution revealed that they know about this problem. They have no solution. So if you are cutting metal just forget about the laser guide.
Also, this is really a light duty saw (only weighs around 30lbs) - don't expect a heavyweight miter saw for the fairly low price they charge. Still a good value though.
******* UPDATE 4/1/2011 ********
Saw is now dead. Was in the middle of a cut and the motor stopped. Now it has to go back for warranty work. Not good.