Just wanted to update this for anyone cruisin' the forum later...I purchased a PK and have used it twice already for steaks. At $369, it seems like the absolute best buy for a charcol grill under $500. What sold me is 3 things:
1) design has been the same since 1952 (so it obvously works)
2) it's portable (tailgates, camping, competitions, etc.)
3) rust proof - so it'll probably be the last charcol grill I ever buy and it'll be a heirloom to my children who will celebrate the magnificent meat that was born on this grill
So far, it's great. It holds heat like a champ and I've had it up to 650 degrees without a problem. The "grate grills" are awesome for searing and infrared cooking. It hasn't produced the best steak I've ever had yet - but I think I'll get there with it.
For anyone looking to order one, I bought one online using the AmazingRibs.com special promo on a Wednesday, it shipped the same day and I got it first thing Saturday morning.