I've a Davy and love it, except for the legs - someone on another forum said that they should break the legs of the guy that designed the DC legs! I've removed the legs from my DC and it sits on top of a $99 Harbor Freight tool cart - perfect height and plenty of storage.
I can cook most anything you can cook on a bigger pellet cooker, but the size of course is the limiting factor. We actually purchased it for RV-ing and love it on the road for it's portable nature - great for tailgating.
I've not tried searing a steak on it, but there is a sliding metal heat shield that aligns holes in it that is claimed allows direct flame. It works kind of, but the holes are small (1/8 inch or so). I've done tri-tip hot and fast, and it works fine for that. I usually sear steaks on an infrared burner on my grill, and the Davy can not nearly approach that kind of heat.