I used to be pretty hardcore about doing the whole deal every day before I left the house, but after a while I realized how much time I was spending on it and it seemed unnecessary.
Currently for "everyday", I just stick to:
-Under-eye concealer for dark circles if they're there (this really goes a long way in making you look younger and not tired and all around healthier)
-Lip gloss
And if it's something special, or I know I'll be seeing someone I want to impress, I add eye shadow (usually something sparkly), perfume, and flat-iron the most unruly parts of my hair
Past that I'd just prefer to be natural, but I can understand others' viewpoints. Ultimately I think it's up to the person to decide for themselves how far they want to take it, and how often.