How do you like your guitars' action to be for recording?

Yup! I actually think the guitar sounds best with the action as low as possible without buzzing. I had this guitar tech working on my guitars filing the frets down to ensure all the frets were perfectly in line. He was really good! Sadly, he moved to Texas. Now, all the guitars I had him work on are like gold to me.

It's a HUGE difference between a guitar that comes from a guitar company, and one that has been painstakingly worked on by hand to play as perfectly as possible.

You've got to strike this perfect balance of effortless action, yet having enough action to feel real comfortable bending the strings.
 
Much higher than "as low as it can be without buzzing". There is a HUGE difference between what most metal guitarists consider "no buzzing" and the string having actually enough space to fully ring out when you hit it hard. I raise it until the guitar stops getting louder when I strongly strum out a chord.

EDIT:
Definitely on the high strings too. I hate when I play a shredders guitar and the action is really low, and theres no "buzz", but when you pick hard on one of the high strings theres just this loud SNAP and the note is quieter...I like my strings to breathe. The frets can choke out the vibration of the string if its too low.
 
My strings are probably higher than most people have their strings. So many people have their strings buzzing. I go through all strings one by one from 1st-24th fret and if I notice the slightest buzz or snap I'll raise the string. In the end I have an instrument with amazing sustain and resonation. If you do this kind of a setup on a crappy guitar it would be almost unplayable so I get why people don't do it this way.
 
My action is right around 1.6MM for the low B and 1.5MM for the high E.

There's another factor when considering action and Jeff touched on this. Playing technique. Someone with perfect picking technique will be able to pick without creating buzz at a very low action. Someone with a much heavier handed technique is not going to benifit from very low action. Someone who's running through meticulous consecutive picked runs and sweep picking is going to benifit from low action much more someone who is swinging their entire arm around just to hit one chord.
 
+1 on everything Brandon said, besides the fact that I can't shred at all :D

But I am into other setups than most people afaik, digging fatter necks and so on, too because I am more
off a half-time bassplayer than a real guitar player.
 
I ask because my experience with high action is the complete opposite as Matt Steele.

I personally find high action sounds better, but it makes the guitar a bit harder to play.

I've got my Ibanez SZ right now set to a distance of around 2.5mm from the 12th fret to the lowest string and around 1.5mm from the 12th fret to the first string.

I actually find that I play very different on the higher register than on the lowest notes.

JME. :D
 
Low action for playability, higher action for the best sound. I prefer in the middle, a compromise of sorts, about 2mm. I hate that slappy sound you get when you really dig into a high note on low action!