I'm making a five bone roast this Saturday. This will be my third year in a row. I don't know the exact poundage yet, but I will need to look up the time/pound. I usually do the high temperature start (500) for a short time, and then turn the oven down to a lower temperature for the remaining hours. At this point, the roast is too big for me to give it a quick cook on each side in my dutch oven to give it a nice skin. If you can do this, I highly recommend it since you will get a cripsy meat candy like crust. Sogood.gif. I will cover the outside in kosher salt and fresh ground pepper, nothing more. Make sure to let it rest for 25-30 minutes after you pull it from the oven to let the juices evenly distribute. I will be pulling mine out of the oven at around 125, maybe 120. I like that shit rare.
I save the drippings to make the au jus. Tastes great. I also make a super simple horseradish cream sauce to dip with sour cream and horseradish. It also has salt, pepper, and fresh dill to taste.
As others have said, make sure you're actually getting a prime rib, not a choice or select standing rib roast. The fat marbling makes a huge difference in the quality of the roast.