Techniques/Methods for Clearing malfunction

[Classic_jon]

The Two schools of thought I have seen seem to be along these lines.

1) Tap-Rack-Bang for pretty much everything

or

2) Look at the Gun, Identify the Type of malfunction, take remedial action for that type of malfunction and Bang.

The Tap-Rack-Bang method to me works on the major portion of the malfunctions you would normally see and does not require a lot of thought. I find myself using the second method Where I tilt the pistol back enough to look at the Ejection port, and do what I need for that particular malfunction.

I thought I would ask how do you clear a basic malfunction and what you think are the Pro's and Con's of each method?