I only use the lid for things that are being indirect cooked or smoked. If I am direct grilling, than it is for a cut of meat that I want to flash cook. Porterhouse is a good example of what I tend to flash cook. I cook direct on a hot flame to carmelize the fat on the outside and get nice grill marks. Which is about the same as Mike, 3 minutes per side. This leaves the inside pink-red, tender, moist and full of flavor. You start getting to the far side of medium rare or past, it will only get tougher and drier.
Save the indirect grilling for things that take time to cook through, like poultry. Other words treat indirect grilling like roasting or baking in the oven, not a huge difference really.