really depends on what you are fencing. I don't reccomend anything but wood or sometimes chain link for people with horses.
It's far too easy for them to get caught up in a steel fence. Wood will snap far before their bones. Steel on the other hand is different. A panicing horse can easily snap a leg off when caught in a fence.
That said, we use them for day turn out, round pens, etc... And I do know people who use it exclusively. Personally I like to be on the careful side.
I have seen a horse caught in that new fiberglass/steel lifetime fencing. (looks like post and board with a perma finish) The fence one. Didn't bend or snap. Luckily the horse got caught out, but he paniced so much you couldn't have helped him.