I prefer to shoot maximizing SNR (ETTR, multiexposure blending).
Then reduce colour noise (preferrably in the RAW development stage).
Assume resultant luminance noise.
I discard any NR process that can destroy texture (i.e. information).
I pretty much agree : as far as advanced NR tools go (NeatImage et al.), I still got to see one that smooths luminance noise without discarding fine textures as well (in french the saying goes like "throw the baby in the sewer together with the water of her bath", jeter le bébé avec l'eau du bain
For me, the luminance NR in ACR/LR is the closest of my ideal.
But it's definitely a matter of taste : do you prefer a texture with L* noise interfering, or a smooth appearance at the expense of a loss of texture? I'm in the former case but won't start a religion war about it .
NB : my answer stands for errrrrr moderately noisy captures : my goodol'DRebel (300D), with which I try staying at ISO100 as much as possible, but I still have to do extensive fill light adjustments sometimes.
The plot would be probably different for cases with more noise (G9 or other compacts eg).