The difference between the two parenting styles leaves a great deal of middle ground, and I believe that my style with my children was somewhere in the middle...leaning toward strict in some aspects and leaning toward lenient in others.
We did let our children know that my husband and I are their parents, we are the authority in our household and that while we were raising them that we believe that our judgment is best. However, we didn't want to exercise our authority as parents through fear and we wanted our kids to know that they could come to us with anything.
Our parents were very austere disciplinarians and we both knew that their parenting wasn't something that we wanted to mimick.
I'd like to think that we did a good job.