To decide whether or not to get a black box for my boat, I tested the boat to see if it was putting out a negative charge (negative charges repel fish). It's pretty easy to test your boat if you follow the steps in Pro-Troll's black box book. You can find the book at Sportsman's Warehouse and other sporting goods stores, or you can order it. Here is a link to the book:
http://www.protroll.com/books/?id=5 The book costs about $8.95.
Besides the book, you will also need a digital volt meter. The meter shown in the Pro-troll book is made by Cen-Tech, and you can buy this same meter at Harbor Freight for the astounding prince of only $5.95! To start the tests, set the meter so that it reads from 0 to 1.0 volts.
The electrical tests check to see if either your boat, or your downrigger cables are producing negative charges. If you are putting out negative charges, you will need to run ground wires to anything hanging in the water that is not already connected to the negative post of you battery. Things like trim tabs, kicker motor, bronze transom drain plug, etc. Also very important is to make sure that the zinc anodes on the lower end of your boat engines are in new or very good condition and not covered with white chalky corrosion.
If you've grounded everything that could cause a negative charge, and you are STILL producing a negative charge, then its time to buy a black box.
Luckily, I the tests showed that my boat and downrigger cable produced a low positive charge of about 0.25 volts. I believe that a positive charge of around 0.65 is ideal for kokanee. Since my boat does not create a negative charge, I haven't bought a black box. With a black box I could increase the positive charge up to 0.65 and maybe I would catch a few more fish...
I am going to stay with steel cable because of the reasons that Fish-on-Bend stated, plus the benefit of attracting fish with a positive charge if I ever decide to get a black box.
There's quite a difference in price between a Scotty black box (around $300.00) and a Pro-troll black box ($72.00 at Sportsmans Warehouse). I've heard that the cheaper Pro-troll boxes don't last as long as a Scotty, but that's heresay so take it for what its worth.