I am definitely a fan of getting rid of everything below around 25-30hz on the Master Fader while mixing and also using custom HPF settings on many individual tracks in both the tracking and/or mixing stages.
The amount of filtering and the cut-off frequency depends mostly on weather it's an organic or electronic source. I find organic sources benefit greatly from filtering out the rumble especially when lots of cardioid microphones are adding proximity effect in that zone.
I filter guitars below somewhere around 80hz and organic hi hats and cymbals much higher around 180-250hz. Vocals depend on the singer and the sound you want but usually around 70-90hz. With kick drums and bass guitars you can be more conservative and only filter below 20-40hz as those are the two instruments you are usually providing the extra low end room for.
Electronic instruments (especially in the form of plug-ins) usually sound pretty great already and don't need as much reduction in the lower end of the frequency spectrum. Still a cut at 30-70hz depending on the sound can help free up that area for the tracks that need it like Kicks, 808's and synth bass.
When used as an effect as opposed to a low end clean-up tool, a HPF can give you lots of surreal sonic options as demonstrated on many Jamaican Dub tracks of the 70's and 80's.