Last Christmas, a few of us here got all "primed" for smoked rib roast. Here's a shot from Bad Santa's efforts.
Some personal preferences on this cut:
1) I don't always spring for "prime" but I don't go cheap either. It's worth it to pick quality meat. If it's your main dish at a special dinner, spend a little more on this king of roasts. Hint, talk to your butcher before spending a bundle here and pick his brain.
2) Pick your poison on heat. This roast can take some heat, so fire the pit or grill up, cook at 350 F if you can, monitor the internal temp. shooting for 135 F or so (it'll heat up a little while resting), and you'll get a roast that has end cuts for those who are afraid of pink meat, and center cuts for those who are not. Time will be 2 to 3 hours. OR...cook at the conventional smoker temps of 225F to 250F and every inch of the roast will be the same degree of doneness (6 to 8 hours later).
3) If using a grill, cook indirectly (the meat is not over the flame or coals) and work to control the heat in the range you want.
4) Use smoke wood regardless of the type of grill or pit you have and put some smoke on it during the early part of the cook. I like oak and apple, but use what you like. Hickory and Mesquite are strong, so go easy or cut with some oak.
5) If you like to remove the bones before cooking, get your butcher to do so, but tie them back on with butcher's twine for the flavor bones add to the roast during the cook.
6) Let it rest before slicing.
7) This will shock you a little, but at Thanksgiving, I seasoned the roast with salt and pepper and dusted it with seasoned flour. The flour forms a crust during the cook that I like. You may not. My NY buddy across the street got me hooked on that for oven roasts, but it was good in the smoker too.