My favorite cut is a two-rib thick prime loin-end boneless ribeye that has been nicely trimmed. I let it rest inside a perforated container in my 'fridge for 3-4 days to reduce it's water content some (concentrating flavor), and also to let the natural processes of tissue decomposition begin to break it down (making it even more tender). Then I trim any leathery spots and let it rest at room temp for a couple hours which helps it cook evenly. I like it boneless because I find that by the time the meat at the bone is Medium-Rare/Medium, the meat at the outter edge is medium-well. I like it to finish reddish-pink throughout as much of the meat as possible (ie. minimal well-done outter band).
I lightly salt it and hit it with some ground black pepper before rubbing it down with some vegetable oil.
Next it gets thrown onto an extremely hot charcoal grill where I sear it. Then it's off to the side (and covered) to finish away from the direct heat of the coals (I usually lift the grate and shovel most of them out into my starter, pushing the remaining ones to one side - I have a cheap weber).
But I rarely buy prime grade rib eye (maybe twice a year). The place I buy from is $10/lb bone in for prime rib-eye, so a two-rib cut usually runs 4lbs or $40 (About 3lb trimmed - or thereabouts). It'll feed a couple hungry carnivores with a settled bottle of cabernet and light side salad. You could probably feed four if you included a heartier starter like a big bowl of French Onion Soup or served it with a pile of good homemade fries.
Normal week-to-week I buy Choice New York Strip. I still age/s&p as above, but then I pan sear in cast iron (w/butter) and then finish in the oven. I'll also make a pan sauce with the fond.
Sometimes I buy a whole beef tenderloin as well (vac-packed). I cut steaks from the fat end, a Chateaubriand roast from the middle, and then cut the tip into chunks (which I lightly sautee and have on a salad with a warm pan-vinaigrette). I usually only do this when it's on sale.
Nick ~ "Egg whites are good for a lot of things; lemon meringue pie, angel food cake, and clogging up radiators." - MacGyver