The best way I've found so far is as follows :
1) Put speed bleeders on each wheel (worth every penny)
2) Starting at the wheel farthest from the Master (the passenger side rear), use a Mighty Vac (or similar) and draw about 20lbs vacuum then work the pedal a few times. I pump at least a full master to the farthest wheel.
3) Repeat Step 2 for the drivers side rear, then the passenger side front and finally the drivers side front. Pump the pedal a few times at each wheel.
The speed bleeders and the vacuum make it an easy task. You don't need to do the old down, open, hold, close, up routine, you just pump the pedal a few time and check the master and vacuum. It's also a great way to flush the brake system.
This method allows you to do the bleeding all by yourself, no need to beg someone else to do the pedal work while you wrench the wheel.
Hope that helps,
Joe