As a nightstand gun with a child in the house... my 1911 is kept Condition 3.
As a carry gun Condition 1 but I never carry it.
For clarity I'm talking about this: Condition 3 offers an added margin of safety as there is actually no round in the chamber but has the disadvantage of taking a relatively longer time to get into action. The Israel Defense Forces (IDF) is trained to carry their sidearms this way and hence the name "Israeli Draw".