Well, I definately agree with the "track it right from the beginning" school of thought, but...
I think our job as recording and mixing engineers (and frequently the talent, as well, in the home studio) is to learn to recognize the trade off point.
At what point is your quality of performance maxed out and at what point is your ability to capture it exhuasted?
I've spent
hours and
days trying to "track it right" by attempting to perform a part better than I could or capture the part better than my skill or equiptment was capable of doing.
I've spent just as much. and probably more, time trying to make a track sound better with plugs, eq, and mixing tricks when it just wasn't possible.
In both cases I learned a TON about my skills and my equipment, but it took a lot of time. When I get serious about a project, or I'm doing work for someone else, I stay well away from the bleeding edge of my skills and equiptment and try to compromise between "tracking it right" to the best of my ability and leaving some things to the mix.
The more I work with this stuff, the better I get at knowing where the trade of is and where to concentrate mt efforts. It really pays off when dealing with people who can't play their instruments or are unfamiliar with the recording process- you HAVE to know how to compensate for them with BOTH tracking and mixing techniques.
For me its a matter of making the best of what you have- skills and equipment. That's what makes this such a fun challenge, right?
Take care,
Chris