That depends on how you set your magic_quotes.
Magic-quotes=on will add slashes to all incoming data, which means you also get slashes before all quotes in data from POST and GET methods (forms). When that happens you don't have to add slashes before inserting the data into the DB. But, then you also get the slashes when you read data from the DB.
Turning magic-quotes off means you don't get slashes on POST and GET data, you do have to use addslashes, but you also don't have to use stripslashes.
And in a database you usually SELECT about 10 times as much as you insert, so it makes sense to trurn magic-quotes off and use addslashes() for the inserts. That saves a ton of calls to stripslashes().