The way I see it... Any fry that get eaten or die are just natures way of picking out the stronger genetic specimens. Plus it's a bit of extra nutrition for my other fish. If I see some particularly pretty babies then I'll fish them out and raise them separately (brighter colors tends to make them easier targets), but for the average babies I let survival of the fittest handle the natural culling that all breeders have to do to keep their genetics strong.
That said, I quickly gave up on dealing with the fry when my guppies were breeding in my community tank. After having about 5 batches that had barely any dent taken out by my other lazy fish, I caught all but the prettiest males and sold them to my LFS
. From then on I've only been keeping males so I don't have to deal with babies :P