We play on a 4x6 table. We break the table up into sections. First we split the table in half lengthwise, then break that area into 3 equal parts. This results in 6 different sections of table, 3 along each long edge going from long edge to middle of table. We then roll a die to determine who picks which side for terrain. Whoever gets highest chooses which side he wants. So if I won for example and I chose my oppenents side, I get the two corners on his side and the middle on my side. If I chose my side, then I get my corners and his middle.
We then roll 1D3 and place that many pieces of terrain sections (ie, a building, at least 6" of wall, at least 6" round section of woods, but area terrain could be up to 12-18" in area) per table section. This will allow you to control terrain somewhat to your advantage, but also allows your opponent to do the same so it balances out. It also allows for not playing on the same set up of terrain over and over. We also try to give it a kind of theme while were at it also, so it doesn't look too odd.
All in all, everyone I've played with is happy with this method.