Depends - though I no longer go to full "machine-gun" mode.
I don't take photos, generally, of moving things (sports, birds in flight, etc).
In some cases I "see" an image I want to capture. I take the time to frame and compose, set the DoF and shutter. Perhaps I will take a couple of test shots to see how the exposure lines up. (Love digital for that feature alone.)
After I've got the shot I will take a couple more.... in case the camera shook, incase something was moving through the background, etc. Then I will likely take a few more, moving my framing or DoD etc trying to improve on the original shot. In this case I find my 1st shot is usually the best.
In other cases, I can't quite "see" the shot - or the lighting is changing, etc. In this case I take a few quickly, just so I have something. They may not be good enough for a print, but perhaps I can put them on card or something. Then I keep improving the shot... moving around, and/or changing DoD and shutter to improve on what I am seeing on the screen. For some reason seeing the image on the screen tells me more than seeing it in the finder (this is just a personal thing, not a recommendation). I can usually narrow down the images until I finally get the image I want. In this case it's usually the very last image.
I use a system similar to firestarter to edit. Once you've done it few times and have the routine down, it's a very fast way to get to the keepers. I tend to keep just about everything.... except for mis-fires. But I only want to see the better images.... so filtering is key.
Luck.