Ah, steak. A topic I can definitely expound on, since I love it ...
I'd have to concur with those that mentioned Elliot's in Edison Park & Cy's Chop House on Lincoln (in Northcenter). Both places are decent enough, and their prices aren't out of this world. I've eaten at Elliot's twice, and have to say that my most recent trip was definitely the best.
The meals at Elliot's come with a salad, but sides are ala carte. Their steaks are around $22-28, if I remember right.
Locally, I've had steak at Harrison's Brewery & Restaurant, which is sometimes excellent and sometimes just okay. Their steaks run around $22-25 with a salad and a side.
I've eaten at Jack Gibbons Gardens; have to say that I was a bit underwhelmed when I was there.
I've also had a nice steak a few times at our local Francesca's Vicinato, but the steak is usually a "special," and is around $26 with a side. So I don't know if that's a "value" steak, but I haven't been disappointed when I've ordered steak there. (Not really a likely place to order steak, either.)
Also, although I wouldn't really consider this "steak" in the traditional sense, I've always had pretty decent steak at some of the various hibachi / teppanaki-style restaurants around here (on the south side, including - Hamada of Japan, Fuji Japanese Steak House). I usually order filet, which runs around $22 or so, and includes soup, salad, noodles, rice, veggies and meat. The meat is always tender and tasty.
Harrison's Restaurant & Brewery
15845 S LaGrange Road
Orland Park, IL
708-226-0100
Francesca's Vicinato
12960 S LaGrange Road
Palos Park, IL
708-671-1600
Hamada of Japan
18310 N North Creek Drive
Tinley Park, IL
708-444-2255
Fuji Japanese Steak House
15132 S LaGrange Road
Orland Park, IL
708-403-1580
-- Nora --
"Great food is like great sex. The more you have the more you want." ~Gael Greene