I recently read about this technique and gave it a try on the last album i did. It turned out FANTASTIC. Basicly it is a way to pepper in a lo-fi vibe to a otherwise crisp hi-fi drumkit... its a common trend with the rock revial bands like: the strokes, killers, franz f., etc.

in addition to your mic set-up on your kit... weather you choose the huge and organic 'Jon Bonham' technique or the more controlled 'mic every aspect' method... try setting up a condenser microphone about 6 feet back from the front of the kick drum, and so the diaphram is level with the top of the kick's rI'm (about 2 feet pending on the kick). This mic is going to pick up the whole kit but with a good handle on the kick.
In terms of mic choices, i like the AKG C-3000 (flat)... it has worked beautifully in the past... of course i am always up for other recomendations.
Anyway, you want to compress the crap out of this microphone... even drive it a hair with your preamp... be tasteful, you dont want a ratty useless and muddy signal... instead a squashed and overdriven full kit sound. I will normally do a little EQ work to balance it out (pending on what frequencies i need to fit well with the whole kit).
When it comes to mixing... this mic setup is amazing because it CAN stand alone for a unique room sound. But i normally mix it low in the full drum mix so it adds some 'balls' without overpowering anything. This technique is also great when put to a creative test... you can do a lot with this mic setup to create lots of unique sounds... not just the 'meaty rock revival' tone...