I've long been a steak sear and blaster. In general, I think it produces fine results, but it is not fool-proof, it IS smoky and it is definitely not a relaxing cooking method. So when I saw the ATK "warm and sear" method and read others' experiences with it here, I had to try it. I wanted to throw a little bit of variability into the experiment as well, so I decided to do a horizontal test between two different qualities of the same cut of steak. Could the ATK method elevate the texture (and flavor?) of a cheap supermarket strip or would the spendier meat still win out? The results are quite promising.
First the steak -- I purchased two NY Strip steaks. One from Whole Foods was antibiotic and hormone free, raised on a vegetarian diet, presumably a happy roaming cow. Yeah right. The one from the generic grocery store was simply marked USDA Choice NY Strip. The WF strip was twice as expensive as the supermarket steak. Here they are, side by side. You'll notice no difference in marbling. They were also identical thickness although one was a bit larger.

With an Idaho spud for reference:

I followed the ATK method precisely, including cutting the steaks in half prior to baking in the oven. I also brought them to room temp before cooking. After all, the premise of this recipe is the gentle warming produces a superior texture similar to dry aging. Patted dry, salted and peppered liberally and put on a rack in a 275 oven.
Here are the steaks after their 17 minute bake. At this point,the thermometer read just below 105, the temp recommended for medium. I'm not sure why this cooked so quickly, although I have a theory (below) but next time I'd check it at 10 mins.

Close-up of the baked meat. I agree the look was kinda like a strange pastrami steak hybrid. Not appealing at all.

Then the sear -- in a hot cast iron skillet with a dribble of oil. The pan was smoking just a bit when I put in the steaks, but not blazing hot. I seared the edges a bit, but was starting to get worried about doneness at this point. Ideally I would have gone longer on the edges.

Side by side, the rested steaks. The big guy is still bigger, but my touch test indicated they were pretty much the same doneness.

After a 10 minute rest, here they are sliced:

Served with a baked potato and creamed spinach. Note the spinach is the Berlin wall of this plate -- I still needed to segregate the meat to conduct the rest of the test.

I'm pleased to report that the cheap supermarket cut won! (It was the smaller steak on the left in the pictures) The texture was great -- even slightly overcooked (more on that below) the meat was tender and juicy. The WF Strip was probably conventionally "tastier", with more mineral tang that one associates with a better cut of meat, but the texture was chewier and the meat didn't seem as juicy to me. Both were good, but it's quite nice to know you can pick up a steak at the market and cook it in this method and see real improvement in the end product.
A few notes: I definitely had trouble with doneness, probably due to user error. My oven started out hot from baking potatoes and even after cooling it down to 275 degrees it must have been residually hotter than if I had started from cold. (OK, I realize that's a real leap ... just try to find the science in that hypothesis). The meat ended up a perfectly acceptable Medium, but I like mine on the rare side of Med-rare, so I'll need to get more precise. Also, wonder if leaving the steaks whole instead of cutting in two could help in this regard. Finally, perhaps the meat should come to this process cold from the fridge instead of brought up to room temp. All questions to be answered through further investigation.
Secondly, let's not pretend this method doesn't produce smoke. It does, and as much as sear and blast I would say. After all, you are searing the meat for the same amount of time in a hot pan -- I found I needed a good 2 mins/side for a reasonable crust, just as I normally would with the sear and blast. I don't have a ventilation hood either, but I do have an outside door off the kitchen and some good cross ventilation so it wasn't too too bad. But for someone who is paranoid about smoking up a small apartment, this isn't your salvation.
But most importantly I concur this is a really chill way to prepare a steak. Yes, you have time to make a cocktail or pour a glass of wine while the meat is in the oven. Yes, you have time to make some creamed spinach while the steak rests. I find the sear and blast to be hectic and worrisome throughout. So, if you are looking for a way to bring your stress level down while preparing a steak indoors, I encourage you to try this method.