Point Buy
Personally, I like point buy. In our group, this is what we do: roll 3d6, 1's become 6's, arrange as desired. If your rolls are crappy (as they are sometimes, though not usually), you can use a 28 point buy. It seems to work just fine. Our players rarely actually use the point buy, because the first method I described gives excellent stats normally. But it's nice to have as a "second chance" to make a decently playable character.
For my current character, I actually used the point buy (had a bad roll), and here is what I ended up with:
14, 14, 14, 10, 14, 10
Not bad, but nothing to gloat over, either. Of course, when I got done applying the Wood Elf racial adjustments, it looked like this:
16, 16, 12, 8, 14, 8
More powerful in terms of attack and AC, but definitely weaker for hitpoints, skills, and diplomacy.