I personally:
1) disassemble everything.
2) soak everything in Hoppe's #9 for about ten minutes.
3) use a stiff bristle brush to scrub everything & a bore brush to clean the bore.
4) spray everything with brake cleaner and wipe dry.
5) swab the bore
6) cover everything with whatever "gun oil" I currently have
7) wipe dry
8) add a small (read: very tiny) amount of EP or high pressure grease to areas where there is moving metal to metal contact (like slide rails).
9) reassemble
Most of the time I merely disassemble, wipe everything down, and reassemble. But I do the former steps every so often, or after an especially heavy day at the range.
I am a firm believer that moving parts need lubrication, yet too much lubrication will lead to sand, dirt clods, and shards of broken glass and any other type of contaminant you decide to throw in, suspended in a gooey mess.
Moderation is the key.
I'm a big fan of Hoppe's #9, but realize that this is a solvent. It chemically breaks down contaminants. Don't pour some Hoppe's into a container, dip your brush, scrub your gun, dip, scrub, dip, scub, etc.... then pour the left over Hoppe's back into the bottle. You have just added contaminants into your bottle of Hoppe's where it will continue to chemically break down these contaminants. This will lessen the effectiveness of your remaining Hoppe's.
Is anyone here familiar with the "dry lubricants" I've been seeing advertised? This sounds good to me. I like dry. I like lube. "dry lube" sounds like the best of both worlds.