I remember a couple years ago, John Sayers posted a couple mp3's of a piano. One was the piano tracked with a AT 4050, the other was the same exact take on the piano, but mic'ed using a SM-58 (the mic's were pretty much right next to each other..) Everyone was to guess which mic was which. I'll be damned, I got it wrong!!! So did everybody else though.
It turns out that John eq'ed the SM-58 to match the frequency response curve of the 4050. Frankly, the two mics mostly sounded different because of where they were at micing the strings, not because of the actual sound difference (although, the 4050 track did exibit a hair more transients, but that was VERY hard to detect).
Anyway, my point? Just that. John managed to fool even to "good ears" around here by using eq on a mic that I would never get within 100 yards of a piano!!!
EQ if you feel you can achieve a sound to "tape" (HD or whatever...) that you WANT. If you can achieve that sound without using eq, even better!!!
I think the theory is usually "play it safe". If you do some eq while tracking, you might not be able to correct it at mix if you decide you didn't like the eq tweak. So, many suggest that you don't eq while tracking. I say, fuck it!!! Go for it if it helps achieve what you are after.
One common mistake though, and this is a very big warning, is that a lot of people recording at home don't have very good rooms to listen to their music in, and may decide on eq tweaks because of "room problems", not because the audio actually NEEDS any eq. If you are SURE that the eq tweak is benefitting you, go for it. If in doubt, or if you have a known problem with your monitoring situation in your room, maybe avoid doing so. Depends.
I track with eq sometimes. It just depends. No rules. Like chessrock said, do what you feel is right.
If I knew I was doing a type of production where I wouldn't be using much low end stuff on the drum overheads, I wouldn't hesistate to remove it while tracking. On the other hand, I might be hesitant to remove certain freq's on the upper mid's of a vocal while tracking. It just depends.
Ed