Here is Mark Wilson's setup from January:
Irons: i20 irons 4-PW, True Temper CS Lite, hard stepped x1, Yellow Color Code, Std. Length, D2 Swingweight
I think Westwood still plays the old PING 'stock' JZ steel in his i10s.
PING will insert whatever shaft you want into the irons in their custom WRX department. I came REALLY close to having KBS C-Tapers shafted up in mine (that's what Stricker plays). They were backordered for quite a while so I passed. I may order a 6 iron shaft just to see if the C-Tapers live up to the 5-5-5 hype (5% lower ballflight, 5% less spin, 5% increase in distance...compared to all competitors)
Also, you are correct with respect to soft stepping...hard stepping is doing the exact opposite of what you posted (uncut 8 iron shaft in a 7 iron, then cut to an 8 iron length).
A good rule of thumb is that every soft/hard step will be 1/3 of a full flex either downward or upward.
Here's a great comparison chart relative to shaft flex and manufacturer (based on the old Rifle FCM scale)...look at Post #976http://www.golfwrx.com/forums/topic/471103-kbs-tour-c-taper-vs-project-x/page__st__960