To be fair you'll probably get a lot of contradictory replies.
I don't think the replies will be contradictory, just different, because
There really is no right way to do it. It's just whatever works for ya.
There are a number of different ways of recording the initial take because there are a number of factors to juggle, such as the instruments, the kind of vocal, the number of participants and who plays what and the complexity or simplicity of the song. On a number of occasions I've done really quite long pieces that are multipart and so I've mentally divided the song into sections. Then each of those sections has been recorded on the instrument{s} that a]either best defines the part or b]it was written on. So one part could be drums and guitar, another bass and drums, another just guitar, but only as a rhythm shadow because the piano will ultimately be in it's place etc and there might be an accapella vocal in there somewhere.
This way of recording is more likely now that I've gone diji but it was common even when I used to use the 488. In fact, it was during 17 years with the 488 that I developed this way of recording. At first, I used to try and get the entire thing down in one go but if you've got a 22 minute piece that goes through different moves and time signatures, that's not going to happen without serious rehearsal or the person you're initially tracking with learning their part in their own time. That wasn't happening either ! Having said that, many pieces did go down in one take. As Steenamaroo said, it really all depends.
Personally, I like to overdub to drums or congas/bongoes so most of the stuff I do will be drums or percussion to bass or guitar. If there are no time conscious percussive parts or the drums and percussion are going to go on later in the piece, then I'll set a click and play to that, which enables you to get all esoteric with time signatures within a standard time.
Once all the basic constituents have been recorded then flesh can go on the bones.
