Generally, it's a pretty standard thing to cut a good 12dB @ 300Hz out of the kick drum (give or take). Sometimes, I do much more, but that depends on the drum.
Frank Filipetti
http://www.music.com/person/frank_filipetti/1/ mentioned in a recording magazine a few years ago that he has a techique that sounds much better than using EQ. He uses phasing as his EQ on the kick. I'd say it's an extremely advanced technique that wouldn't get used all the time, but it's fun to talk about on a forum.
I've also heard of them doing this on the last "Fuel" record that no one bought, but they used this trick on a guitar cabinet.
Brandon