The Criswell Theological Journal (Volume 5, Issue 2) has devoted their latest issue to that of Christians and Alcohol. Three of the articles are available online. Together they are an amazing resource for what the bible says about alcohol.
Ken Gentry argues for the moderation approach, while Richard Land and Barrett Duke along with Norman Geisler argure for abstaining.
I think that both sides have some good points. It seems to be more of a North American debate, with a strong cultural element. My own German Baptist church is made up of members who would definitely be on the moderation side of the argument.
From my own experience, and the experience of others that I have witnessed, I have seen the value of setting guidelines for our children. One of these guidelines is the principal of moderation. God has made many good things for us, but these things whether food or alcohol, if abused can lead to many poor outcomes. If I only say to my child, "Don't drink alcohol", and my child disagrees, have I taught them any good lessons about how to handle it safely?
I encourage you to read the articles and formulate your own opinions on the topics.