I have a cycle with carbon fiber rear seat stays, which was made by a leading cycle maker, the pr#urchase of this cycle took much thought as it was a xc bike and at the time I didn't know very much about carbon. I took it upon myself to find out about carbon and what it's uses and limitations are. I went into it in quite a depth and with that knowledge I will try to pass on that information.
Carbon is its strongest when a tensile stress is applied to it by the very nature of the material, but it can be manipulated in different ways to react to different stresses ie torsion / sheer and compression. The neat strand that you see on the top layer just under the lacquer is only for aesthetic purposes and serves no purpose at all, the clever weaving of the material underneath is where its strength comes from. By using different methods of weaving and alternating the lamination's different types of characteristics can be achieved.
There is a cyclic yield point with carbon as well which means it reacts similar to steel in it's longevity as a material.
Its poor points are that when its bonded to differing materials for connection to the bike ie if it were a set of carbon forks and the steer tube was steel bonded to the fork crown then this creates issues with regards to differential thermal coefficients, because the two materials expand and contract at differing rates then the point of which they were joined can become parted, If you go for a fork or complete bike then it's much better to have a solid peice of carbon then it becomes as strong as it was intended to be.
Carbon has a nasty habit of breaking with exceeded stress, and can't be repaied easy if at all. Its primary intention was to take alot of the road shock out of racing bikes and i beleive that's were its best kept.
It can look nice but in my opinion there are many downsides to the material than up.
The inserts that are boded in around caliper bosses etc suffer the same expansion problems as the in different material bonding process .
If it were me I would only use steel for it's strength, repairability dependability etc etc