it's a good technique for producing a lot of steaks.
but i still swear by the sear and slide.
the reverse sear produces a slightly better texture, and less gray zone - but it doesn't have the beefy smoke flavor produced by the early sear and the beef fat dripping down into the coals
you CAN get the flavor added to a reverse sear by adding beef fat to the coal - but that's not always convenient.
(there was a time where I had a bowl of frozen beef fat chunks in my freezer)