It's a perfectly fine method. As mentioned above, IBC covers gyp, plywood/osb, and gauge metal steel panels. Be sure to read the text. The table is full nominal strength before factor of safety reduction. The seismic R value for such systems limits you to 4 stories.
There is also a listed (ER report)product, which is gypboard bonded to gauge metal steel sheets. It is installed like gyp, but gives the higher steel values.
If higher values are needed, in the cold-formed section of the code, metal diaphragms are allowed by calculation (Section D). The commentary for the cold-formed section refers you to the Steel Deck Institute for calculation method.
There are also some ER reports for metal deck screwed to steel suppports that could be used.
My recomendation is to avoid using strap x-bracing. This is sometimes seen in low seismic areas. It performs poorly under dynamic load. - it is hard to get tight and it can't be pre-tensioned. The lateral load will freeling move the building until the slack is taken up. The sudden load hammers the bracing, further streching it. The ATC-20 field guild has a great after-earthquake picture, that is very effective in convincing clients not to use the system. There is such a seismic penalty place on the system, that seismic will control regardless of what seismic zone you are in. It often gets built in low seismic areas simply because they don't think to check seismic, because it doesn't control for anything else on the building.
I have tested a number of light gauge steel stud shear assemblies. They have excellent ductility. Very similar load curves to plywood on wood stud.
ALLWAYS double-stud at the ends of shear walls. They are prone to end-stud buckling & track end uplift. If you don't take care of those details, you won't get your anticipated strength.
While simpson lists values for their HTT (called S/HTT when used with steel), a better holddown is their PHD series. Throw away the wood screws and use #14 (1/4") tek-screws. The values are allowed to be calcuated. (look for the equation in the cold-formed chapter. in the UBC'97 it's section 2218.) This gives higher values than the HTT, is easier to install, and has less in-service deflection.
Needless to say, I've done a number of these, several have been through a 7.0 quake and come through unscathed.