its really up to you, here is what i do most of the time.
I modle a med sized poly model, around 7000 polys, not to low and not to high. I put alot of good detail in the model. or at least i try,lol. then i can go bolth ways, i can give the modle more polys to do some real good detail so when i render to texture all my detail goes to my low poly model that i make when i reduce the med sized poly model.
or alot of the time I dont even make a high poly modle and i will mess with the normal map alot,i will add my own detail with in the normal map. usaully there is no reason to make a high poly modle for most meshes if you do it this way.
DSW