Wet sanding with a varnish/thinner mix between coats instead of steel wool — my technique
I've been finishing with a technique I like better than the traditional oil varnish + steel wool routine: between coats I wet sand using a varnish-and-thinner mixture as the lubricant, then buff before the next coat goes on.
The slurry fills as you level, so I get a smoother surface faster, and there's no steel wool residue to chase around. The other thing I like is that everything involved is off-the-shelf at Home Depot — no specialty supplies.
My theory is that the only reason steel wool became the standard is that when these traditions were established, sandpaper sucked — and high-quality wet sandpaper mostly wasn't available. The tradition outlived the constraint.