Eh. It takes a bit more work/experience but it is perfectly fine for any cut of beef that doesn't depend on the sauce/cooking liquid to hydrate it in the first place.
I personally wouldn't do it for a rare steak (and generally prefer a pan and butter basting regardless), but for medium rare and up it is perfectly fine and the char you can get from the grate provides a texture/taste differential that is pretty much impossible to do in a pan.
And just because people always get shitty about it: Plenty of studies have been done where, with blind taste tests, people tend to prefer their steak one grade more done than they claim. But also, something like a ribeye REALLY needs to be medium-rare to break down some of the fat and tissue and ensure that that beef bomb is melt in your mouth good.
Obviously not all steaks benefit from a bit of extra cooking time... and if the word "well" is at all in your doneness preference you are a monster. But people who insist on blue/rare steak for every cut of meat are just depriving themselves.
Blue and rare just taste like wet beef. I don't get much flavor, plus the fat doesnt render. Once you go med rare or med with some grill marks...yes please. The carmalization really enhances the flavor, and the fat starts melting to butter.