Also see this post which discusses the effects of flip intervals on cooking time and evenness of steaks: http://news.ycombinator.com/item?id=1117296
Also, some other simple tips:
1) In general, the more marbling the better. You want lots of veins of fat in the muscle of the cut. Big chunks of fat don't count, and leaner meat won't have as much flavor.
2) Hard white fat is good, spongy yellow fat is not.
3) Don't overcook your meat.