Close and reopen is the preferred method. 99% of the time, this results in a close and no further action, while leaving the post to be closed the next day results in more junk on the site, more comments requesting that it be fixed, a slew of downvotes for the poster, and broken windows on our front page.
You're right, reopening is rare. However, if you're willing to put forth some effort, we're more than happy to reopen it. Here's my anecdotal experience with reopening close-and-fix questions:
I am a mod on an SE 2.0 site which recieves a few dozen questions a day. This is a markedly different situation from SO, where one question isn't really considered valuable because you have so many.
Whenever I feel that there's a hint of a quality question underneath the close candidate, I take the time to write a comment explaining why the post will be closed. Especially if the questions shows potential or the user is new, I want that question to be reopened and to generate traffic and more experts. Often, I'll edit it 90% of the way to completion - fix posts made with CAPS LOCK on and paragraph breaks on every line, translating some of the most opaque pseudo-english you've ever read into great grammar, generating schematics, linking datasheets, formatting code and quotes, summarizing linked articles, retagging, generating tags, etc. Then, I leave a comment directing the user on how to give the one little piece of information that we need to answer the question, in the friendliest tone possible, and request to just click "flag" and request mod attention to get it reopened.
Most of the time, I never hear back from these people. Sometimes, I get a comment or flag for attention requesting a reopen without making any change to the question, or after reverting to the original.
I've closed 156 questions in my stint as a community mod thus far. As far as I remember, I've had the requested positive response and reopened the post all of three times. It's for this reason that I close first and reopen later.