Does anyone know if this track set (E-Z TRACK® Over-Under Figure 8 Track Pack - HO Scale Steel Alloy) is compatible with an NCE powercab? I'm new to the hobby and plan to run one or two trains for the next year, until I have a house with more space.

Thanks!
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As long as your locomotive is equiped with a decoder, it should work with anyone's command station. Including the NCE Power Cab.  The only issue with steel rail is it tends to need cleaning more often thean nickle silver, and it's not quite as conductive. But for a basic up-and-over figure-8 that's not really a factor.

Len

DCC will run on any type of metal track as long as there are no shorts. So if your figure 8 track works OK on DC, it should work just fine with the NCE PowerCab. That said, steel track is probably the least conductive of the three major metals that have been used in track manufacturing (i.e. steel, brass and nickel silver) with nickel silver track being the best. As you start using your set with one or two locomotives, after some use, you may notice that a locomotive may run jerkily or even stall at different areas on the track. This indicates a build-up of dirt and carbon on the rails which needs to be cleaned off. A piece of lint-free cloth (old t-shirt) with a little isopropyl alcohol or mineral spirits with usually be enough to get rid of the dirt. All track eventually needs to be cleaned but steel track needs to be cleaned more often than the others. Most beginners, as they progress in the hobby, find that it is advantageous to switch to nickel silver track. Since you already have steel EZ track, it will be easy to replace a few pieces at a time with nickel silver EZ track, which has a beige roadbed instead of black. Hope this helps. 

You can also as you convert to nickel silver use the steel rail for dead end sidings where the engine won't run so much in it as much as pushing Cars to the end.

Thank you all so much, I was concerned about connecting the wires that come with the track to the Powercab, but it sounds like that won't be an issue. I'll also look for the up-and-over figure 8 in nickel silver. Thanks again.

One thing I forgot to mention in my previous post is that you will also need to clean the locomotive wheels periodically. I usually use a cotton swab dipped in IPA or mineral spirits. Hope this helps.

Based on everyone's comments, I might get nickel-silver OO track from the UK by the piece, (as I'm using OO Diesels) and use an NCE Powercab bought here in the US, so the rail to train scale is perfect. Anyone done that?
 

OO and HO track is the same. It doesn't matter which scale it is marketed as, the guage is the same and either scale will run on it just fine. Just be aware that European curves tend to be much sharper than their American equivalents, and American trains may not work well on those sharper curves.