Trailbraking:
Basically, you do NOT fully release the throttle through the corner, you hold it steady so it gives a mild acceleration pull. You then use the rear brake to control this acceleration (yes, it is applying braking effort, but only to control the acceleration of the rear wheel, in essance, controlling corner speed with the rear brake instead of the throttle). Coming into a corner, you use a tad more pressure to take the tight line into the apex, and then ease off as you pass the apex. Once the brake is fullly reased and not affecting the accelleration, you ease on the throttle to continue increasing acceleration.
This technique completely eliminates the on/off throttle slop and uncontrolled deceleration through the corners, making your corners much smoother and controlled. It is even more effective in tight, parking lot type sitiuations making your bike easier to control.
I use this all the time, on the street and on the track. It is one of the key components the Japanese teach for advanced street riding.
As far as trailbraking with the front goes, I never do this. I may use it to scrub speed coming into a corner, easing off as my lean becomes steeper, but never at full lean at high speed. Basically, the further over you are leaned into a corner and the higher the speed you are travelling reduces the available traction for braking. When you are using 100% of your available traction for the cornering load, there is none left to use for braking. If you were to brake, you would lowside due to overmaxing your available traction. Also, if you use the rear-brake technique I listed above, and were to chop the throttle while in the corner with the rear brake still applied, you could overload your available traction and lowside the rear.