Some commercial wineries don't filter at all, but they are rapidly becoming the odd man out. As a commercial winery we used to only sterile filter our whites, and use 2.5 micron filters for our reds. This was plate and frame filtration using filter pads made from diatomaceous earth. It was a pain in the ***, we had a lot of loss, and we needed to do another pass with .80 micron pads in order to filter out yeasts cells like brettanomyces.
I did a good amount of research on the subject personally when we began considering using a local cross flow filtration system service and found no proof that filtration had any adverse effect on sensory perception. We started using this sterile cross flow filtration (0.35 cents per gallon + few hundred dollar setup fee) system a few years ago and I am completely sold. Our loss is way, way down and to be honest, both red and white wines taste better after they go through the filter. It's amazing the impact all those tiny little solids have on the flavor. No worries about re-fermentation, spoilage, or sediment, and it's cheap.
Granted I am talking about commercial volumes here and obviously 10-15 gallons of loss per lot is an absolute deal breaker for home winemakers, but the concept is the same. Sterile filtration done right is awesome. If you can do it right for your volumes, you are golden.