Coming from working in BOTH the design-side and in pre-press I would almost NEVER expand fonts and most certainly NEVER EVER rasterize fonts.
Unless you are working from Photoshop for some reason you lose a lot of quality when you rasterize vs. working in vector. Simply just exporting to a PDF will be sufficient in most if not all cases since by default you can have it embed fonts.
However, unless you are sending 100% print-ready, imposed, properly bled and cut marked art 9/10 as a pre-press I will have to touch your file and manipulate it. So I would just package the file with source fonts and source art file not just the pdf. InDesign handles this nicely as does Illustrator with their built-in package options.
It should be noted that I completely disagree with LateralTerminal's answer on principle. Most printers have access to UTC, or other TypeKits like Adobe so finding MOST fonts shouldn't be an issue if there are error on embedded fonts. And if that fails there's always the internet.
I can't express how annoying and how huge of a time-sink it is when I open a file and the text is jacked up or I have to make changes to fit it to a medium to print or resize the whole piece and the text is expanded. Now I have to waste more time and RE-typeset the text to get it done.
I firmly believe that you should NEVER expand text for "file size" saving purposes, there are numerous ways to save on file space without ruining the editability of a file.
A few ways are:
- Optimize your layer structure
- Delete extraneous elements that aren't being used in the final art
- Reduce raster dpi from 300 to 120
- Use Acrobat's Optimize PDF dialogue
Now the only time(s) in my opinion you should expand text is if you are using a lot of specific effects or filters that your printer might have issues with or they might not have access to. This ensures that your final design can be printed as your envisioned it without compromise.