Thanks for the question!
What I do NOW is much different than what I did when I was getting things together in my younger days..
But, what I try to do is address a little of everything when I practice. I definitely do all my hand exercises first, then I would go over some groove combinations with various ostinato type things. Finally, I will work on soloing and fill ideas.
Basically, by addressing everything at once, nothing gets "left behind". I talked about this in the article I did in a recent issue of Modern Drummer. It's also the basis and philosophy of my DVD "Hands, Grooves, & Fills". I feel everything is connected, and you should try to tie it all together. What I work on with my hands directly effects my drum set playing in every way.
Recently, I have been rehearsing with my band (Gary Grainger and Chieli Minucci) for a new CD we are recording in the fall, so I am working on parts..grooves and such.
Hope that helps!
All the Best