There are varying ways of cooking different cuts of meat. Some are best when cooked in a liquid and others are better without the liquid. The way a cut if meat is cooked will be the deciding factor in how tender the finished product will turn out. For example, a cut of meat that is not very tender, such as round steak, is better covered and cooked in a liquid for a longer period of time than you would normally cook a rib-eye steak.
The prime rib roast, also called a standing rib roast (because with the ribs left in it will stand by itself) is my favorite cut of meat from the entire steer. A full prime rib roast consists of seven rib bones. Starting at the sixth rib at the shoulder of the steer, a full rib roast continues back to the last or twelfth rib at the loin making up the seven ribs. This piece of meat is where the rib-eye and rib steak are cut from.
Many butchers will name the rib steak a "bone-in rib-eye" but it is actually called a rib steak. Nevertheless, the rib-eye and rib steak are the same piece of meat, it's just the rib-eye has had the bone removed.
You should never pay as much per pound for the rib steak as the rib-eye because with the rib steak you are also paying for the weight of the bone. As far as flavor, I personally cannot tell a difference, whether with the bone or without.
When I buy a prime rib I always buy it with the bones. I will usually ask the butcher to cut the rack from the meat though and tie it back on. That way it will be easier to carve after it is cooked. And when I cook it, I always put it in the pan with the ribs down and the fat side up. That way the fat will baste the meat as it cooks.
As far as seasonings, I have tried several different rubs with salt and I have liked them all. Some people say you should never use salt on a prime rib because the salt will draw out the moisture as it cooks but I have always had a nice juicy roast. The most important thing when cooking a prime rib is the internal temperature. That is what determines how done it is, whether you like it rare, medium rare, medium, medium well or well done.
There is some controversy as to what is rare and medium rare but no matter how you like it, when you know the temperature that you want it to get to you should take it out of the oven 10 degrees before the temp you want it at because during the resting period it will continue to rise in temperature about 10 degrees. And the resting period should be at least 15 to 20 minutes before carving. That will ensure a juicier roast. If you carve it too soon you will lose a lot of juices and it will not be as good.