I have seen several methods of dodging and burning out there. There's the 50% grey layer where you can either use the dodge and burn tools or a white and black brush. Then theres the soft light layer, using the black and white brushes. And the last method I've seen is using two curves adjustment layers and masking in dark and light where needed.
Up to this point I've been using the 50% grey layer with the dodge and burn tools. While I almost exclusively leave the settings on midtones, I've always wondered if this method had an advantage because you could choose between highlights, midtones, and shadows. But I'm not really sure.
What I would like to know is if one method has an advantage over the others and why? Or if certain methods are better for certain situations and what those would be?