There is a lot we still don't understand about how the human processes what they hear. There is a lot of silliness in the audiophile world, but keep in mind they are the ones who pushed audio pros to do better. And it turns out that sometimes they are right.
Extended bandwidth, especially on the high end, seems to be the hallmark of most of the revered vintage gear. Now the truth is, the upper limit of the pass band was out around 40kHz, or even 80kHz because they couldn't build filters with steeper slopes that didn't ring terribly. BUT, it turns out that those gentle slopes may have contributed more to the sounds we like than we realize.
I designed a microphone preamplifier a while back. I used all discrete, Class A gain elements, no negative feedback, precision current sources, and multiple blocks of moderate gain (yeah, it should sound familiar<G>!) But I was designing this to have a digital output, so I spent a great deal of time playing with the Low Pass Filter at the output of the preamplifier. Actually, I tried placing the LP filter at different points, including as the very first stage. Everyone that listened to this design agreed that it sounded better with no LP filter. As it turns out, modern "Switched Capacitor" filters on the input of most A/D converters to a very nice job of band limiting at somewhere below the Nyquist frequency, so it wasn't as big a deal as I expected.
So what do we do about large multi-track productions where 20, 30, 40 or more tracks will contribute significant energy in the upper registers, and most of that energy will be noise? I tend to use gentle filters (even though there are digital filter configurations that do not cause phase problems, and don't ring) and I still tend to place them at least an octave above where I might think they need to be. And I place them on the individual tracks, because one the tracks are summed together it's a lot more difficult to address noise problems.
As far as the low end goes, if the source is electronic I don't use High Pass filters... there isn't going to be any energy there anyway. If the source is acoustic then I will place a HP filter early in the recording chain.
One important caveat, that several folks have pointed out, is that NONE of this is done to gain an advantage in terms of levels. It is done entirely to manage the noise contributions. I still think that -18 dBFS is a fine operating point!!!!