This account also needs to know how to proceed in case an account recovery has been filed.

So, if you add your buddy as a recovery account because he knows you, but he isn't quite savvy about Steem, you might still get in a dead end, or at least delay the recovery quite enough, before everyone involved finds out what needs to be done.

Good point about not setting @steem as a recovery account.

Well, thanks a lot! This is information good to know long before one needs it, because for now I don't particularly need it.