Compassionate Conservatism was anything but a huge success; I see no need to revisit it in the future.
I guess I’m not that up on where Steele fits in on the policy spectrum, and I’m not certain it matters too much anyway; the RNC chairman primarily works behind the scenes planning electoral strategy. A moderate (i.e. less principled and more pragmatic) is probably a better candidate for the job anyway; while the place we need strong and principled conservaitve leadership is in the House and Senate.
There's no problem with Compassionate Conservativism, as long as it is individual conservatives who are acting on the emotion of compassion. The problem has been in trying to make those actions come from the Federal Government, which doesn't have feelings, and can only throw money at issues, not necessarily helping those who truly need assistance.