Composite Decking
I like This Old House’s approach to replacing a failed railing by replacing it with a Fiberon Composite Decking maintenance free vinyl coated wood plastic composite railing. They discuss this approach and more in an online deck repair piece.
Finished deck looks great, and the steps are laid out nicely, including a side not about how much stain an old deck soaks up when staining/sealing (hint: a lot more than the stain coverage states on the gallon). Inspired yet?