My 92 Katana 600 dies on idle with the choke off, no matter how warm the engine. I've found that leaving it on 1/2 - 3/4 choke gives it a good balance. I know that choke can cause fouling and carbon deposits if you use it too much, but my thought is dirty carbs run lean and choke can richen it up to a normal mixture. Is this flawed logic?
You can roughly compensate with the choke for a shortage of fuel, but you can't properly control your choke to compensate the exact right amount while driving, so your bike will run terrible if you try to.
Furthermore, if your choke is one in the literal form, so that it restricts the inlet flow, it will also (heavily) limit your power as already mentioned by others. An engaged choke that is properly tuned, enriches the mixture the right amount only AT IDLE. It will become way too rich if you use the same setting while driving. The fuel metering and ignition advance will be off.
So i'd strongly advise you to pull open your carb and clean it. Often, the float chamber is full of rust powder and dirt. Check the fuel lines and filters for blockings/restrictions and dirt and make sure fuel from the tank can freely reach your carbs. While you're busy, i'd also recommend checking your sparkplugs and exhaust for sooth deposits.
When you pull the choke it closes the choke butterfly valve or a choke plate, reducing the airflow and richening the mixture. That means no matter how much the throttle valve opens you will not get full airflow, so you won't get full revs. It's not a good idea, I'd only do it to get to a place I could get things fixed.
If your engine is dying on idle you need to resolve the problem. It's probably pretty simple, it could be dirty carbs, it could be a clogged fuel filter, your best bet is a can of carb cleaner and a bit of time. Be sure to use it in a well ventilated area!