I find that putting a blanket or pillow in the bass drum produces a dry thump, reminiscent of hitting a cardboard box. It, literally, absorbs all of the life out of the drum. I like there to be some actual "bass" from my bass drum. With the options commercially available; EMAD, SKII, and Aquarian Regulator reso, and all of the do-it-yourself remedies; porting the reso head, felt strips, etc., there's no need to throw a blanket or pillow in the bass drum anymore, unless you want it really dry.
Also, the feel is very important. Stuffing a comforter up to the batter head will make playing the bass drum like playing a wall, and that's not my cup of tea.
I do recommend that my students put a blanket or pillow in their kick drum if their parents complain about noise levels in the house, but that's about it.
To each their own, though...