It is situationally dependent. I like to record my solos wet. I record with delays. If the delay is too quiet, I adjust my delay level and do another take. I record with my modulation effects on when I'm using them. I am one of those guys that wants to make the creative decision in the moment and build my mix around that sound. Also, I find that I don't like to use the CPU necessary to add all the delays that I want to use. Unless, of course, it's vocals. Then I just record with an AUX going that has a very quiet reverb because I find that it makes the performance a little more compelling. All delay and modulation, drive effects on vocals - that's all done post-recording.
If it's sense of space that I'm after, or something particular in the effects world (shifting filters, modulation effect on the whole mix or a section, etc.) that all happens post-recording as well. Otherwise, if I'm not ready to record the "finalized" sound, I figure I'm not ready to record. You dig?