My approach in similar to Noel and Floyd, I use both 'phones and studio monitors and my workflow is similar in regards to how I build the mix from the ground up.

One thing I didn't see mentioned is checking the mix in mono. This is important for two reasons:

1) Phase problems. These are easy to hear in mono, not so easy in a stereo mix, especially when using headphones. This is probably more of an issue if you are recording live instruments, but phase problems can also happen if you are using lots of effects on the tracks.

2) Balance problems. A mix can sound fabulous and perfectly balanced in stereo, however when played back in mono you can easily hear if an instrument is too loud in the mix, or not loud enough. Adjusting the levels while playing back in mono so that everything is balanced and then switching back to stereo ... is a wonderful thing!

I use Sennheiser HD598 'phones and KRK Rokit 5 nearfield monitors here BTW. I also have a subwoofer that I use from time to time.