When storing energy, the idea is to split water into hydrogen and oxygen, and then let the hydrogen recombine with the oxygen from iron oxide... to make water again. Meanwhile the oxygen from the original water is just released (since it's everywhere anyway)? That doesn't really seem to me like "storing hydrogen", since you just get the water back that you already had. Rather, it's using the energy to deoxidize rust.
Then on the recovery side, why use this steam process? Apparently (because the thermodynamics work out so that this whole thing has efficiency > 0) you get energy out of the process of putting the oxygen back into the iron. So why not just, well, burn (i.e. rust) the iron directly? What exactly is the dissociation and re-combination of the steam accomplishing?