Depends on the type of site more than anything else imo.
- Do you need it to degrade gracefully?
- What browsers are your target audience likely to be using?
- What kind of connections might they have?
- How many hits will the site have?
It might, for example, be fair to assume that 'tech' site will be visited by people with faster computers using decent browsers with fast connections.
If you've got to support IE6 then i'd be wary of too much javascript, but its something that needs to be tested really.
I tend to render on the server generally, its just easier, but then again i make low load intranet sites generally!