As I see it, ATF is a great hydraulic fluid, but it isn't the greatest lubricant. Since there are no clutch packs in the P/S system, I do not see why ATF would be REQUIRED. The steering box NEEDS all the lubrication it can get to live a long and happy life. Unless someone knows something that I am overlooking, I would recommend a good quality P/S fluid over ATF even in the newer systems that come from the factory with ATF.
Steve Keim