1. Combine 2 cups broth and milk in a medium saucepan over medium heat; bring to a boil. Gradually whisk polenta into broth mixture, stirring constantly. Reduce heat to medium-low; cook 4 minutes, stirring frequently. Remove from heat. Stir in cheese, 1/4 teaspoon salt, and 1/4 teaspoon pepper. Cover; let stand 5 minutes.
2. Heat a large skillet over medium-high heat. Coat pan with cooking spray. Sprinkle steak evenly with remaining 1/4 teaspoon salt and remaining 1/4 teaspoon pepper. Add steak to pan; cook 3 minutes on each side or until desired degree of doneness. Transfer to a cutting board; cover loosely with foil.
3. Melt butter in skillet over medium-high heat. Add shallots; sauté 1 minute. Add wine, thyme, and honey; bring to a boil. Cook until reduced by half (about 2 minutes). Combine remaining 1 tablespoon broth and cornstarch in a small bowl, stirring with a whisk. Add cornstarch mixture to skillet; cook 1 minute or until sauce slightly thickens. Cut steak diagonally across grain into thin slices. Spoon 2 tablespoons sauce onto each of 4 plates. Top each serving with 1/2 cup polenta and 3 ounces steak.