I'm of the "no tone controls" school (I have them but don't use them); IMO their bandwidth is generally too broad to do anything useful without making something else worse at the same time. If you want to do any real tweaking of the sound to adjust for your room, an EQ (or DSP) is a better bet.
Having said that, if you've got a poorly mixed recording, tone controls can help to some extent. In general, though, I prefer to hear music as the engineer and/or artist intended.