I personally have my validation 2 places using DataAnnotations. My model is not passed up to my view in full. I have separate models for my views and translate the data from the view model into the model. This way, I can put whatever I want in my view model and leave out the pieces I don't want to deal with.
My reasoning, however, is that I have a windows application and an web application using the same model. This way, the same set of validation rules govern the Model for all apps, and my view model can have slightly different rules if need be. Of course, this creates a "duplication of logic" - well, validation logic.
This way I don't have to rebuild the data that wasn't used on the page every trip back to the server or put it in hidden fields and inflate the size of my pages.