Nope. Sometimes I’ll vertically justify columns of text and other times I’ll include a ragged bottom into the design. The columns themselves usually conform to a larger grid, but I rarely see any real point in worrying about baselines lining up from one column to the next. I’d much rather all the page elements look right than being mathematically accurate. Again, opinions differ on this issue and there have been discussions about it here in the past.
If I were designing publications that benefited from conforming to a rigid baseline grid due to speed, economy and overall minimalistic consistency, it would be fine. Flow everything into place, apply the style sheets and get it done. A novel, a technical journal, a set of user manuals, etc., would probably fall into that category.
However, most of my work has been for outdoor adventure magazines, daily newspapers, catalogs, marketing brochures, tourism booklets and that sort of thing, where a more casual, spontaneous and fun look with a bit of flexibility works best.
For example a baseline grid would have just gotten in the way on the following:
For what it’s worth, I got my MFA in publication design — well, actually, graphic design, but my work and thesis centered around publications and, to a slightly lesser degree, the typography used in publications. I argued like crazy over some of these kinds of things with the professors on my graduate committee.
I just find too many instances where I think to myself that a cutline really ought to be a bit closer to the photo or a bulleted list needs a few extra points of leading between the items or that an in-column heading would benefit from a little extra breathing room.