There's a trick to it if you want to keep the bacon with the steaks. Actually, some of this is generally applicable to cooking all meat.
You must start from room temperature, all the way to the center of the steak. For me, that means leaving them out on the counter for at least 1 hour, preferably 2, before putting them down. This really helps with the fat marbling to start to melt during cooking too, and to give you the best shot of medium rare from edge to edge inside the steak.
Assuming the bacon is tied, or somehow held to the meat by something other than its own adhesion, you can sear it too. Get a hot pan and just go around the edges, searing the bacon. Let it start to brown and it will cook with the steak when you go into the oven or on the grill.
EDIT: Also, I'm not knocking the meat flavored bacon. I know exactly what you're talking about and it is delicious. If you go to Whole Foods, their black forest smoked bacon kind of tastes like this.