Digital BW, The Print

How are people using the B&W adjustment layer in CS3?  Do editing in color first, then go to 
B&W adjustment and discarding color data (or not), going straight to B&W adjustment layer 
and then editing, some combination of both?  I've tried various approaches and haven't come 
up with an opinion yet.  Anyone out there have some thoughts?

For what it's worth, I've been using an Epson 2200 with the standard UC inkset running QTR 
for B&W with very good results assuming the pizza wheel doesn't bind up and put a scratch 
down the whole print.  Might say I have a love/hate relationship with Epson.