Before I started doing any portrait/model photography, I was approached by a friend who knew I could use photoshop, asking me to retouch some images for her. I found a technique on youtube that used layers of gaussian blur and median noise to obliterate any skin texture, which could then have the layer opacity adjusted to show more or less 'smoothing' .
As a newly found technique I found this a lot of fun, and then discovered Port.Prof, which again found to be a great tool, especially given how well priced it is. Again, it can be used as a layer over the original, and either adjusted via opacity, or hidden and painted in where required, and used very subtly, it can produce some okay results.
It was over on modelmayhem that I started finding some very interesting forum discussions on retouching, that look to maintain skin texture, even for the glossiest of magazines.
A good retouch video
I discovered Natalia Taffarel on MM, and she has some great videos on youtube, showing in great depth how to retouch at a very high level.
That said, it is very labour intensive, but it has made me appreciate that done properly, retains a natural skin look and can make a good image look fantastic.
What I have found is that when a model from MM finds out you can retouch/ make their skin look better, however it's done, it's more than likely they will want some work done ... if possible
So, to the question, I think it(skin treatment/retouching) looks great when it's done properly. I prefer to do as little as possible on my work, so I like to work with models that have good skin, but also that aren't concerned about having that kind of work done on images of them. It leaves me to play with the images more creatively.