My testing shows the opposite, that the Steed Stone DOES effect Sneaking. Remember in Oblivion, the weight of your boots was factored into your detection chance when moving. In Skyrim it's suppose to be the combined weight of your armor. UESP.net agrees with this.
However, this doesn't mean you'll be completely silent on movement if your armor weighs nothing -- that's not how it worked in Oblivion either if you took off your boots.
So BOTH are useful. And the "Silence" perk in Sneak eliminates it regardless.
This is especially important if you use Invisibility as that just makes you impossible to be SEEN, not impossible to be HEARD.
I'm 50/50 on this.
Muffle enchant, Muffle spell, and Muffled Movement perk all claim to reduce noise made
by armor. This leads me to believe there is alternate noise being made by movement speed. In the past, noise made by armor was calculated using the weight of the boots, as you mentioned.
I'm going to pull some numbers out of thin air, to create an example of how I think this may work. I have little to no foundation for this at the moment. I'm going to ignore the effect of movement speed for now, and assume you're moving slowest.
You opponent has 100% chance to detect you. For every skill point you have in sneak, that chance is reduced by 1%. You have 40 skill? They have a 60% chance to detect you... assuming you're naked. I believe Sneak perks are multiplicative on the skill value, so +20% Sneak perk would be 40% * 1.2 or 48%. If I allow for movement speed for a second, I'd think fast movement would also be a scalar like 0.5 or something... and the Silence perk actually removes that penalty.
You armor weight translates to a 1% per lb modifier multiplicative penalty to your sneak skill. If you're wearing 20 lbs of armor, that's a 20% penalty. 40% * 0.8 = 32%... which means my opponent now has a 68% chance to detect me. Muffle effects directly impact that 20lbs. Noise produced by Armor reduced by 50%. That 20 lbs now becomes 10 lbs, or 10%... making your detection chances 64%.
Taking all this to it's logical conclusion... if a character with 100 sneak skill is naked, they're undetectable when moving slowly. If they put on armor, they're more likely to be detected if it's heavier armor. If they have the Steed Stone, it wont matter how much armor they're wearing... they'll still be just as (un)detectable as if they're naked. This same effect can be accomplished by using a combination of the Muffle Enchant, Muffle Perk, and Muffle Spell... or just using the legit Ebony Mail, which has a Muffle enchant of strength of 1.0.
What I don't want to do is spend a perk and an enchant slot, when I'm going to be using Steed Stone, which may or may not give the exact same effect. I don;t have the muffle enchant yet on this character, so if someone wants to do some controlled tests, it'd be appreciated. Otherwise, I'll just do the test myself in the next day or two. The purpose of this thread was to see if someone already had concrete evidence of a correct answer.