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.