This question is directed more to SLAC profs. I assume that R1 level profs don't go into crazy detail in grading/evaluating student papers.
When I get a student paper, I usually go line-by-line, offering editing suggestions, pointing out writing-based problems, questioning statements, etc. It takes a long time, but I don't know how else to do it, really. How are they expected to learn except through this sort of thorough evaluation? After I edit/evaluate the paper in this manner, I use a little rubric in which I break down the paper into 5 components (writing/grammar, content details, force of argument, etc.), and then add up the numbers and give the grade.
Anyway, I am coming to understand that very few of my fellow faculty actually do the line-by-line editing. They just read through the paper and use a rubric. In other words, the student's paper is largely 'edit free', unmarked. The prof just writes on the rubric, and usually just some number scores, and maybe a couple comments ('tighten up the writing').
How do you all grade student papers?