I've got cable steering on my boat with a 115hp - built in about 2000. The only problem I have is the wheel isn't centred because I pulled the guts out of the cable when I was re-routing it through the base of a new jockey seat and got it all back together only to find you can't realign the wheel...
Works fine for me, a bit of grease about every 3 months and no signs of seizure. There is a bit of play in the linkage which I need to sort out at some stage, and I can't compare to hydraulic as I've never seen a hydraulic system but it makes the boat go round corners OK and that seems to be the main thing