Hi there rellik420,
Its ironic you should ask that question now.
I
My latest project is a fairly lengthy tutorial on making and animating an eye, from start till finish.
Its in 3 parts. 1)Building the eye, 2)adding morp targets and 3) animating.
But for now i'd say, morph targets are defineately the most effective way for animating an eyelid.
One tip about eyes and eyelids is that they are 'fast'. In most occasions, eyes dart around really quicly, and a blink is also really quick.
Basically, the timing i use for an ordinary blink, is 4 frames.
Anim8ing eg: frame 30. morph target 'eyesclosed'. value '0' (corner key)
frame 32. morph target 'eyesclosed'. value '1' (smooth key)
frame 34 (or 35). morph target 'eyesclosed'. value'0' (smooth key)
(copy last key, paste to next frame to avoid possible value drift)
The morph values are only examples of course. Your character might blink while his eyes are 'wide open'. (eg: morph target 'eyesclosed'. value setting '-0.1' (corner key)
I'm out of time here already.
When i get home from work 2nite i'll get straight back into this tutproject, but it may still be a little while away.
It could be far more helpfull than this quick note.