I would have to say a little of both. Usually whenever I'm doing logos and web comps I start out in pencil. I always sketch here and there even if it's not related when I'm trying to come up with ideas. But usually (except for logos and web comps) I'm going straight to the computer.
To be honest I think it has a lot to do with your background and education whether or not you do this. A lot of older designers insist on doing this. Right now I'm attending The Art Institute and they promote this as well.
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