I usually cook my steaks using the blast and sear method, but cooking in a beer cooler seemed like fun. Started with a 16 oz NY Strip from Gene's Sausage Shop.

Put it in a zip-lock bag, pressed as much air out as possible, sealed it with just enough room for a straw, and then sucked out as much of the remaining air as possible.

My tap water only gets up to around 107 degrees, so I used a few batches of heated water to bring the temperature of the water in the cooler to 124 degrees and in went the steak. I was aiming for a final temp of about 125 degrees, the rare side of medium rare.
I pulled the steak after 70 minutes, and the water temp had dropped to 120 degrees, and the internal temp of the steak was 114. The outside of the steak had taken on a greyish pink color.

I seasoned it with salt and pepper, and then seared it in a smoking hot pan for about a minute and a half per side. After a ten minute rest, the internal temp registered 123 degrees. IMO, the color of the interior of the steak looked more cooked than a 123 degree temp would indicate, but maybe that is a result of this cooking method and/or my probe thermometer isn't entirely accurate. Either way, the steak had a nice universal doneness.

So, is cooking in a beer cooler worth the hassle? I didn't find it tasted any better than a traditional cooking method, and I found the texture to be tougher than I had expected...it wasn't a tender, melt-in-your-mouth steak which I was hoping for. Perhaps cooking it in a water bath for a long period of time draws out more moisture. That being said, there are benefits to the beer cooler method of cooking, which is your steak won't overcook no matter how long you leave it in the water bath, and it makes for a really pretty looking steak that is evenly cooked throughout. The results are somewhat similar to the ATK Method as documented here
http://www.lthforum.com/bb/viewtopic.php?f=16&t=21164&st=0&sk=t&sd=a&start=30. Just like my feelings towards the ATK Method, I think I'll leave the beer cooler for beer, and stick to the blast and sear.