If you want to know what I do (but this is just me), this is what I do with a 4 mic operation.
Hi-pass the Snare at 100 hz, boost a little on the fundamental (in my case, 160 hz). Compress it with 0 attack, I alter the release if I want to make it fatter or not, usually at about a 2-3:1 ratio. I pan it a bit to the right.
Hi-pass the bass at 55 hz, cut about 3 db from 188 hz. Not only does this clear out room for the bass guitar to shine through (its where the first harmonics generally roam) but it also makes it cut better and punchier. Compress it with a relatively high attack to maintain punchiness, medium release. Usually lower ratio like 2:1 or maybe even less. Panned center.
Overheads I hard pan left and right, I like wide stereo fields. Sometimes I hi-pass about 50 hz but my mics have hi-pass built in so I usually don't do this. I do put a high shelf at about 6000 hz to bring out the shimmer in my cymbals and attack in my snare and toms so it doesn't sound muffled (I use LDC's, so that could be the culprit). As far as compression, I put a compression really high threshold, like around -15 dB, with a higher ratio, about 5:1, so only the snare is affected, in effect bringing out the cymbals and toms.