Depends on what you want out of the breeding doesn't it?
And no, the "negative" trait isn't always expressed in the phenotype of one partner. For example, many Black Labs carry a Chocolate gene and unless you know their correct "color ancestry" back 4-5 generations, you'd have to DNA test to know that. Fortunately, breeders generally keep good records.

Black coat color in Labs is important to some folks while others prefer Chocolate. Chocolate coloring is recessive. At one time, Chocolate pups were almost routinely destroyed by Lab breeders. So is Chocolate good or bad?
This is an oversimplification of course. If you're intrigued by this:
A Detailed Examination of Coat Color Genetics or the "short answer".. just click on the color pairs to the left and see what you get.
Coat Color Inheritance In The Labrador RetrieverAnd remember, we're talking something simple and obvious here, coat color. Progressive retinal atrophy (PRA) is not so simple; they've just now started building a DNA database for that and the test is barely affordable ($250 each dog). But if enough folks do the test, and use the results, PRA could be greatly reduced in a breed if not almost eliminated.
Imagine the possibilities with allergies to various things. Whew!