If a recipe calls for you to drain the fat, drain the fat. If you are trying to lose weight, drain the fat. If you don't want an unattractive glossy skim on top, or for it to cool and harden, drain the fat.
Having too much fat in your pan will possibly interfere with the frying technique you are using, which will change the end product. That said, it sounds like you are just frying bacon. In this case, it is totally a matter of personal preference; some people like very greasy bacon, some want to pretend there was no fat ever and drain obsessively and dry on paper towels twice.
From my experience cooking bacon, long and slow, I prefer to have a moderate amount in the pan. Some bacon will render fat more quickly and in higher volume than others. This is problematic when you are trying to ensure a crisp product at the end as the bacon can end up partially deep fried. If you find the fat interfering with the actual frying, drain it.
I also drain the bacon to ensure there aren't pools of bacon, howeverI don't prefer to dry it; normally I do a haystack on paper towels. I have made chili where the primary fat was bacon fat from a few pounds of bacon; in this case you still want to drain it, into the pot you will be making the chili in. This helps ensure that you are rendering as much fat as possible and that the bacon can be used later.
As for getting rid of the fat, don't pour it down the drain. If you're going to store it, strain it, keep it air tight, and put it in the fridge. If you're going to use it for the next thing you are making, strain it (or don't) and put it aside, but don't let it interfere with the focus, the frying of the bacon.
Best Answer
I render off the necessary fat over low heat, then remove the bacon strips, increase the heat, and fry using the rendered fat. When nearly done, I return the bacon to the pan to crisp it before serving.
Of course, you could also just save the grease from one batch to use with the next, thereby ensuring you always have both fresh-cooked bacon and (reasonably-fresh) grease to use without having to produce the former before the latter.