I have the CT version and my buddy has the steady grip. When shooting the 3 1/2" or even the 3", I have to say that perceived recoil was more manageable with the steady grip.
I was getting punished(***** Slapped) with the 3 1/2" loads while the 3' were tolerable with my CT. I just changed out the gel recoil pad it came with, with a limbsaver. The limbsaver made a big difference. Now shooting with 3 1/2", My cheeks aren't getting punished as bad.
The button under the forearm is an added safety feature, it is to unload the chamber with out a new shell being dispensed.