In fact, the method that works best is practically the same as the one on the back of the box. But what the back of the box neglects to mention is the importance of letting the rice rest before serving it. Washing rice is another matter. Outside the U.S., talc is still sometimes used as a milling aid and should be rinsed off in a few changes of cold water. Though rice with talc should be labeled as such, I rinse if there's the slightest doubt.
Some people also find that rinsing washes off loose starch, making the rice less sticky.
Whether you soak rice depends on time and tradition. Apart from habit, the reasons for soaking rice are to shorten the cooking time and to allow for maximum expansion of long-grain rice, particularly basmati. A soak also makes the grains a little less brittle so they're less likely to break during cooking. If I'm using older basmati, which needs to be treated carefully if it's not to break, I soak it first. But for most everyday meals, I skip this step and still get good results.