Is there an approximate life expectation for steel frames?

There was a guy on MTBR who posted a thread about how he was considering selling his Surly Big Dummy and getting a fatbike. I jokingly made a post about trading him my Pugsley for his Big Dummy, and as it turns out, he lives in eastern Ohio and offered a trade. Well, it would likely be a trade plus some cash for me.

His Big Dummy is maybe like a 2009-10 model, my Pugsley is a 2011 model, but his bike was a commuter, but he says it was well cared for.

So, do steel frames tend to wear out over time? I've seen people on touring bikes with thousands and thousands of miles on them, so I suspect not really? Was just wondering if they get flexy or anything weird like that.