I don't advocate for crying it out, I have seen many kids have trust issues down the road when they are left to cry by themselves in bed. Waking in the middle of the night could be b/c of several things and not going in there to find out what those needs are can affect the child.
**But, in the end, whatever YOU chose to do that works best for YOUR family - do it CONSISTENTLY!**
My son has always been in my room, one b/c I am still breastfeeding and two, I would rather not stumble across the house, waking myself completely up in order to get him back to sleep and them having a hard time myself getting back to sleep. I prefer getting good sleep, than fighting with my son on how he is going to go to sleep - but I am also not a light sleeper or esily disturbed.
What worked fo MY family is having the crib next to my bed with the rail off so that it is like one giant bed. He goes to sleep in his bed, but he is still near me for comfort in the night. Usually just a pat on the back or belly is enough to get him to calm back down and go back to sleep. Sometimes he needs a mid-sleep drink, so I will roll over, nurse him and then roll back over into my bed. Snuggling with him and giving a water sippe has worked too. For Christmas we got him a big boy bed that sits in the same place as the crib, he takes his naps in there and goes to bed in there. Most nights he lasts ALL night long b/c he has gotten used to HIS bed, other nights if he goes down at 9 he might wake around 4/5 am and putting him in my bed puts him back to sleep for all of us to get more rest.
Something else I noticed, was that my son prefered my bed only b/c it was softer/more comfy.