I see no reason why it needs to be done more than once. And no, deep cycling is not good for the battery.
I admit to have spoken glibly when saying "good for" the battery. You're quite correct, it shouldn't be done too often with Lithium-based batteries.
It is indeed a good thing, however, to run the battery down occasionally (maybe every other month or so) rather than (for example) leaving it plugged in all the time.
Best yet, per Apple, is light cycling with the aforementioned occasional deep discharge. See http://support.apple.com/kb/HT1490 and http://discussions.apple.com/thread.jspa?threadID=1764220
The occasional deep discharge fine tunes the calibration and accommodates aging of the battery. In my own experience (and, admittedly, this is anecdotal) the battery-meter accuracy is improved significantly by at least a second calibration discharge within the first month of usage. But this might be overkill. I'd imagine the calibration would be further finessed if the discharging is done during normal usage rather than putting the machine on a desk and letting it run until it dies.
In any case, my February-issue MBP's battery meter is scary accurate now. And my occasional deep discharge--either purposeful or on a long flight--should keep it that way.