First time I punched and edited like crazy. Wound up with a recording that was relatively error-free but also somewhat sterile. Little real human feeling in it.

Second time I went for more of a "live" feel. I got an unsatisfying hodgepodge with uncorrected errors that now drive me nuts when I listen.

On the current project, I've kind of compromised. I've punched and edited where necessary but I've stopped if I got the feeling that the voice or instrument had reached the point where it was just going through the motions. And, as you suggest, you get better, so I haven't needed to punch and edit nearly as much. This one is much cleaner than the second project and much warmer than the first. About where I want it.