Having had my own wisdom teeth extracted under sedation and taking part in the procedures both with and without, I would recommend it for anyone assuming you are healthy enough. It makes it easier for you and the surgeon. Keep in mind there is an added cost if you opt for getting "knocked out" and it's not cheap.

Most oral surgeons utilize IV conscious sedation or monitored anesthesia care for 3rd molar extractions, so you aren't in a total state of unconsciousness. You are however very sedated but retain a lot of your protective reflexes like maintaining your own breathing and heart rate. You won't be very aware of what is going on around you, but may be able to respond to commands like opening your mouth or responding that something is painful. Oral surgeons are licensed to do this type of sedation without the help of an anesthesiologist, though they need someone trained to monitor vital signs for them. Usually, they have a nurse on staff for this. Very few would ever put you out completely because there is much more risk involved and there's no real advantage for the surgeon.

How deep the sedation is depends on the drugs used and dosages administered. The surgeon decides this based on your weight, your reactions to stimuli, vital sign changes, and training/experience. Doses are titrated and a little given at a time to keep you at a certain sedation level, hence the need for constant monitoring. Typically, the following drugs are used:

midazolam - a short fast acting benzondiazepine related to valium
fentanyl - a synthetic opioid that's about 350 times stronger than morphine
propofol - a sedative hypnotic known as "magic milk" because of it's white color, this is the stuff that Michael Jackson used to sleep
dexamethasone - synthetic steroid used to reduce swelling

A funny thing about midazolam and propofol is that it causes anterograde amnesia, which means that from the time they give you the meds, things that happen while under it's effect are difficult to remember. One of the most common questions from the patient while they're coming off the meds at the end of the procedure is, "Did you start yet?"

 

I think some of you are overreacting to the wisdom teeth getting yanked. I was wide awake during mine.. They gave me a few shots in the mouth and I couldn't feel a thing other than a little pressure when they actually pulled them out. The noises are kinda creepy and seeing blood all over the dentist's gloves is a little unsettling, but it's not that bad. At least for me it wasn't. I didn't take any pain killers either because they make me feel sick so I just dealt with the pain for a few days, which was the worst part of the whole thing.

 

Where do you live, I know some great dentists. I work for a Dental/Ortho IT consulting firm.