I consider mastering to be creating and finalizing a group of works to be recorded together and to have an overall 'feel' to the set. To me, mastering is perfecting the overall grouping of songs in which that when they are recorded, the track order, timing, fade-ins, fade-outs, volume, and the sound of each track 'gels' with all the rest of the tracks in that group. Up to this point, I have been mastering songs by individual tracks because I might have a song that sounds good, except for one track might be too bright...so rather than affecting the 'good' tracks, I go and adjust only the track that would be too bright. I then re-listen to the entire group of songs and go from there.
Up to this point I have not bounced any tracks to do my mixing/mastering. When I export my music from Cakewalk to a wave file, I do it from all the separate tracks that were recorded, and not from one, single bounced track. I feel that when you do bounce your tracks and then attempt to master them, if there is a problem with just one track within the bounced collection of tracks, there is no way to go back and adjust only that one track. I guess that is my fear. (And the original item I mentioned, that sound quality would be lost).
And so I ask everyone, do you all bounce down to your one or two tracks and then master, or do some of you still do it by working with individual tracks?
As for my method, 1st I record each song and then mix and perfect each song by itself by tweaking the tracks to the way I want them. Then I listen to the entire group of songs and go back and work with each track of each song until they all go together. So really, either way would work I would think.