A steam engine with today's technology has the potential to be a very efficient source of power. The old steam engines that we're all familiar with were relatively simple machines. The basis on which they were operated was also very basic, even primitive.
Old steamers did not capture any of the steam that was generated. After it was used for its intended purpose, it was released into the atmosphere. This meant that they would eventually run out of water. Refilling these old engines consisted of pulling up to a tank that was usually filled with untreated water from a lake. There was little thought given to the water and its effects on the tubes in the boiler.
Modern steam engines would be designed with the latest and best technologies to make the most efficient use of treated water. This would mean a small source for make-up water to be pumped into the boiler tubes as the engine was operated as this would be a closed loop system and that could allow computerized control of water chemistry This means that virtually no steam would be vented to the atmosphere. All steam would be reused. It would pass through a condenser to cool the steam to a liquid to be reheated to steam again. This would also allow for the use of MSR's (moisture separators) to keep the steam free of liquid and to remove any particles that may be in the system thereby greatly prolonging the life of any steam related components.
There is a lot of proven technology that is utilized in modern power plants that would prove very beneficial in designing and operating a steam loco of a modern design. Given the knowledge gained from modern power plants and modern alloys I think that a modern steamer could very well be a viable alternative to the diesel-electric locomotive.
This could be mean the replacement of diesels by steamers! Remember, it's said that history often repeats itself.
Here is a link to more discussion on another board.
http://www.trainboard.com/grapevine/showthread.php?142948-Old-ATSF-Steamer-to-be-rebuilt