The older 96'er...
+1 for Peter Luger for being the best. Also a fan of Quality Meats and Old Homestead. Wolfgang's is also good.
I'm sad to say I haven't found a steakhouse in NJ as good as the NYC places.
Sammy's in Mendham - Steaks are okay, love the shrimp scampi, the kitschy way of ordering, getting drinks and family style eating is cool.
Steve's Sizzling Steaks - Steaks are okay. Food, wine and alcohol are decently priced. A great local joint to get a steak without the upscale stuffiness.
Root's and Rod's Steakhouse (Summit/Madison/Morristown) - Approaching NYC prices, but not as good.
Library II and River Palm Terrace - Pretty good.
Can't rule out the Brazilian Rodizio (i.e. Fernandes) in Ironbound or surrounding area for a beef fix (Picanha FTW)
As others said, Porterhouse for two at Luger's. Ribeye, medium rare otherwise (marbling = flavor).
Creamed spinach, a potato of some sort, and mushrooms. Also, a nice Red wine. Done...