The best method really depends on the photo. I bought a very good book a few years ago called "Creative Black and White" by Harold Davis. He uses various techniques from very simple convert to black and white functions in Photoshop to using plug-ins like Nik's Silver Efex (great program by the way). Many of his photos are actually combinations of techniques blended together. Personally, I've found Silver Efex and Lightroom satisfy 99% of my needs. Not that the process necessarily ends right there, though. Especially for landscapes, I'll often blend multiple conversions, and even if I don't do that, there's usually some additional tonal contrast corrections, dodging & burning, etc. that goes on after the initial conversion.
You didn't say what editing software you have, but if you use Photoshop CS or Elements, the black and white conversion in Adobe Camera Raw is actually quite good. There are other, more complex methods, but honestly, I use them so infrequently, I have to go back and relearn them if I feel it's something I really need.