I see no reason not to always have BPC on.
Andrew, correct me if I am wrong here.. (not impossible!)
But.. the problem with BPC as I have always found (and lets assume a soft proof example with a RC rendering intent) is that there is no way to know exactly how much black 'lift' is being applied under the PS hood when you tick the BPC box?
I have found that if I print a test chart step wedge of black squares going from '0' to say '30' at 1 point incremental jumps with the profile I want to use with BPC turned off I can then see the exact point at which tonal gradation begins in the print. This is a very interesting way to also compare profiles against each other for shadow tonal gradation and can really highlight the difference between a good and bad profile. A good profile might see tonal gradation starting at say '5' for example on a matt paper, a bad profile may not start until '25'. Its an important number to know as once you know where tonal gradation begins for a given paper and profile you can then apply a custom bump to your prints for BPC.
I can then apply as an action a slight bump to the black level for my actual print to exactly the point at which tonal gradation begins in the step wedge printed chart (in other words a custom BPC) and get the ideal BPC for my print. Its a bit more work than just using PS's BPC, but its highly accurate.
I picked up this tip from an article here in Lula some time ago and apologies to the original author, but I cannot recall who wrote it. Point is, it works extremely well and enables one to set the exact point at which tonal gradation begins in a print. And it works just as well in the whites as well as the blacks.