Please don't take this as an attack on the standard deadlift, but personally I had to give it away because it interferes with too many other exercises which I think are more beneficial to building up a good bodybuilding type physique (as opposed to a powerlifting type physique).
What I mean is that if I add heavy deadlifts to my weekly routine my lower back becomes overtrained to the point where it becomes a limiting factor on squats, RDL's and rowing movements (bentover rows, T-bar, cable rows). I just can't find a good place to fit it in. I had to make a choice between RDL's and deadlifts, and RDL's are one of the few hamstring exercises which work for me, so they are indispensible in my routine. If I didn't do RDL's on leg day, I would add in deadlifts.
I do 2 or 3 sets of weighted back extensions.
I understand why some bodybuilders do deadlifts every second week only. The work load on the spine can become too much in a high volume bodybuilding routine. Keeping the lower back in healthy condition is of utmost importance to me as I've experienced many years of lower back trouble in the past.