Whatever way gets the baby born in the safest way possible with knowledgeable people assisting.
I had a hospital birth with medication. I really wanted a natural birth but it didn't happen, we almost had an emergency C-section because of problems. I had a great OB who listened to me and respected my wants and needs while being honest about our health (I had a very complicated pregnancy); without being scary. She has become a good friend outside of the doctor's office and I plan to have her care for me during any other pregnancies and births. (If we ever get the guts to have another.)
On the other hand, a friend of mine had a natural birth at home with midwives. She studied up and interviewed lots of midwives and went with this couple who looked great. Everything went completely wrong and they lost the baby. Two days of labor and she wanted to go the the hospital but the midwives kept telling her everything was ok, or it was her fault the baby wasn't being born, she wasn't trying hard enough. Lots of really ugly things like that. They only called 911 when the baby was born not breathing. In the aftermath it turned out they weren't certified, not even CPR. I know my friend, she is crazy about details so how these frauds got past her I don't know.
(And please don't read this as a cut to midwives. Midwives are awesome and well trained-this couple lied and said they were something they weren't and had a nice website full of lies.)
As for giving birth-I dunno, I did it in the stereotypical feet in the stirrups method. The entire time I wanted to get up and squat down but because of all the IVs and stuff I couldn't. Baby came pretty fast so not sure if that is a good method or not. I've heard water births are very relaxing and help relieve pain.