I had 4 little monkees, now all grown and 2 have little monkees (5 total) of their own. In this Monkee's opinion, it is most important to be consistent. Set a middle course for standards -- not too strict, not too lenient. You can always go stricter is the middle course is not working, but it is difficult to back down to more lenient. That said, do not be afraid to admit you made a mistake if you were too severe sometime.
Also, the philosophy I tried to go by is that you will know your children far longer as adults than as children so try to raise people you would like to have a relationship with when they are adults. Often that means that the qualities you admire in your friends, that must be nurtured in childhood in order to be there in an adult, can be somewhat difficult to tolerate in children. If you take the traditional position that children should be seen and not heard, do what they are told without question, what you get is grown people who cannot make a decision or who do whatever they want without regard to the consequences.
Sometimes having to face the consequences of their behavior is the best teaching tool around. Now, obviously, you want to monitor the consequences from the adult position, e.g., you know that jumping off the roof of the house can have severe, irreversible consequences, but overspending their allowance has consequences with lessons that can be a learning experience.
Anyway, that is Monkee's philosophy -- Have fun in the jungle!