I totally agree with drstrawl. Recording everyone at the same time, at least musically speaking will give the best sense of "band". Overdubbing is really quite overrated. I have found that the one instrument that requires the most time is drums. Once that is done, then the guitars take the next most time. Bass is next. Vocals are a snap, but this is the one track that I may want to do later, along with solos.
Here is another method that has proved it's weight for me.
Regardless of whether you will track everyone at once, or overdub after the drums are laid, try recording the whole song in one day, and if that goes quick, do a 2-3 hour push mix for later reference.
I say this because often, production preferences tend to change from day to day depending upon everyones mood, and your ears. I have found that most recordings that were done in the overdub route lack continuity. Continuity is probably the single most important thing you can do as an engineer.
If I am doing the overdub route, I will always fall back on the mic placement, and amp settings for guitars, bass, keys...etc....and definately mic placement for vocals. I do this regardless of whether it sounds good the next time or not to my ears. I have been doing this long enough to know that from day to day my ears hear just a bit different, and my preferences can be quite different. Without something to fall back on, if I were to change things every session, I would probably wind up with some really wacky stuff. But this is not always a bad thing of course.
Anyway, the advantage of recording all the parts in one day are.....1-You don't burn out the singer, or put undo pressure on them to crank out multiple songs in a session. They can approach each song for a short amount of time and really give it there all, and have a whole 24 hours to rest before the next vocal part is recorded. 2-The ideas that come from the gut, and early in sessions tend to be the best stuff. When you have too much time to think about parts and tones, you start making stale production. 3-Production tends to not sound cookie cutter. You tend to make things work together, and this gives each song it's own flavor.
I could go on, but hey, just one opinion here.
Ed Rei
Echo Star Studio
www.echostarstudio.com