Every household has a different approach on discipline, as most parents have to learn their child's personality before they can determine a policy that is effective. For us, we recognize that our son likes to talk, so we give him timeouts during which he is not allowed to talk. It may feel unfair to him, but it gets his attention and gives us a break from any unacceptable behavior.
On minor infractions, however, I've always played by the rule of "pick your battles." Letting little things go since he behaves well in the long run has worked well for me.
Recently, science has dissected children's personality types into separate categories and revealed the best way to discipline each. The odd part is that the number one recommendation is the same for all child types: Compromises are key. Whether your child is easy-going or difficult to manage, science says that you should teach them the art of compromise - sometimes they will get what they want, sometimes they won't but they will learn the way the world works.
What do you compromise with your children over? Tell me in the comments.