Although setting it to null would remove all filters, sometimes you only want to remove the temporary filter. The filters are an array, so if you wanted to have a drop shadow all the time, and a blur sometimes, you could do this kind of thing:
var stationaryFilters:Array = [dropshadowfilter];
var movingFilters:Array = [dropshadowfilter,blurfilter];
where the two entries are filters you've already set up. Then when you move, you would say:
mc.filters = movingFilters;
and when you stop you say:
mc.filters = stationaryFilters;
So, thinking in terms of it all being an array, I would tend to say:
mc.filters = [];
rather than
mc.filters = null;
even if the two would both remove all filters.
Another trick to think about is that you could manually set up a complex set of filters on a movieclip on the stage, until you like the look of it, and then when you want another movieclip to have the same effects, you could say:
mc.filters = fancyStageMC.filters;
and all of the values would take effect immediately. Working this way means you can get the look that you like without having to spend a while trying all sorts of parameters in your code.