I suppose it depends on the band you're recording. A lot of bands sound the same these days, and I wonder if it's the bands trying to sound like eachother, or the engineers getting lazy, or just me being bitter.
The first ever time I went into the studio, we were 16 and paying for it all ourselves. It cost a lot of money, and when I got to put down the bass, he told me to put away the 6 string and distortion pedal (I only had 1 at the time) and just trust him to get a great bass sound, as he does it all the time. Well, it did end up sounding good, but, it sounded like every other indie band around at the time, and it really annoyed me and stuck with me, and I guess that's where I was comming from.
If I was a session player doing less original stuff, I guess I would like a 5 string precision, and (judging from your posts) it could save the engineer some time. I've never really thought of it from that point of view.
If a band sounds great live, using a certain set up, should they sound great in the studio using the same set-up? I think the answer is yes, but, more often than not, when you chuck an extra 20 guitar tracks on there and start compressing drums etc, you loose that great live sound you had.