That's a loaded question . I feel like there is a lot of middle ground. It definitely doesn't have to be an all or nothing choice, and you can simply choose to delay things until you have a better understanding of the choices you are making and still do all, some, or no vaccines.
I think that you should look at each vaccine separately and make a choice for each one, since there is a different risk to benefit ratio for each. Think about why you are hesitant to vaccinate, and really try and figure out if that makes sense in each situation. Also, think about what your lifestyle is. If you are planning on "extended" breastfeeding, are a SAHM, and eat a very healthy diet with a healthy immune system it's a totally different situation than it is if you are formula feeding, sending your child to daycare and eating a typical American diet.
If you can stomach the back and forth, the vaccine forums have a ton of info. I always keep in mind that the vaccines were created for a reason and they have done a lot of good. But they are also questioned for good reason. You really have to look at your own risk/benefits to each choice and make a choice that you feel comfortable with. I don't think that there is a right or wrong answer, just a best answer for each person.
I worked next to an immunology lab before DS was born, and on their bulletin board was a quote that went something like: "50% of what is in immunology textbooks is wrong...the problem is we don't know which half". People do the best they can with what knowledge that they have, but that doesn't mean that just because a choice is right at one time doesn't mean that it's right later, and I think that goes for both sides of the argument. I think the vaccine choice is something that we should be making over and over again. Just because we decided one thing now because we believe it to be best, it doesn't mean that what we know (or don't know) won't change somewhere down the line and that means that we all have to reevaluate our choices from time to time.
I'll also throw out there that there is an oral vitamin K that you can use with a protocol that is as effective as the shot; this way if you are concerned about vit k levels but don't want to do the shot, there is another option to consider.