Well, in my experience collisions is one of the more expensive factors in a game, it is also one of those things the player will notice if they are not set up right. I always do my own collisons and are quite anal about them. In many cases the objects that i model will be sunk down in to ground and the player/npc will either be forced to go around it, jump over it or walk over it. The rules we have for our collision is 45 degrees if you want the player/npc to walk over the object. So if you take a set of stairs for an example I would do a collision like this (the lines in red):

It also depends what kind of game you are making of course and if the player ever will touch or interact with the object...