This is a technique I developed for Cook’s Illustrated magazine in 2006, first published in the May/June issue of 2007. Since then, it has become a very widely used technique. Watch the video for a bit more on the history of the technique, including some earlier examples of it, or head over to Amazingribs.com for the most complete history you’ll find anywhere: https://amazingribs.com/more-technique-and-science/more-cooking-science/cooking-temps-when-cook-hot-fast-when-cook-low-slow
I believe that it is the best way for a home cook to cook a steak, delivering an evenly cooked center and crusty exterior, with a wide margin for error.
If you want to try this technique on Prime Rib (I suggest you do), here is a video explaining how to do it: https://www.youtube.com/watch?v=KCHpiHmOXyU