What are some good techniques for cooking a steak?

Most would agree that the most important element of cooking a steak to get optimal flavor is to be able to achieve very high heat on the cooking surface.  High heat would be 500 degrees or more.  

Where opinion varies is when to put the steak onto that high heat surface.  

The more traditional technique calls for searing the steak on both sides first, and then cooking it until you hit your target temperature.  

But more and more, people seem to prefer what many call a "reverse sear" technique, in which you would slow roast the steak until it is near done, and then placing the steak on the high heat surface to achieve a very dark, even sear all over the steak's surface.