Ferber Method... Yay or Nay?

What do you guys think about the Ferber Method for getting your kid to go to sleep. My now 16-month-old used to sleep through the night, but for the past seven months has been a horrible sleeper, waking up multiple times throughout the night. I've tried everything. I've heard so many things about the Ferber method, and I started it last night.
For those of you who aren't familiar with this method, it basically consists of putting your child to bed and letting them cry, but checking on them at different intervals so they know that you are still there for them. The main focus is to get them to lose their sleep associations that are unhealthy. Thoughts?