The Nicotine transdermal patch is probably the second most popular option. Basically, it works by delivering a low-level of nicotine into your blood stream through your skin over the course of the day. You can buy them in 21, 14, and 7 mg levels, and I'd suggest buying the patch that is equivalent to the amount of cigarettes you smoke and then working your way down -- if you smoke a pack a day, start with the 21 mg, and if you are a light smoker, the 7mg level might work for you.
I'm not a huge fan of the patch, except in its value to wean you off of other nicotine replacement products. It does, in fact, help to curb the cravings, but it does nothing insofar as your oral or hand fixations. Because of that, there have been many reports, some even myths, of people who smoke while they are on the patch, which can sometimes lead to unpleasant consequences, such as heart attacks and seizures. Moreover, the patch can get a little itchy at times, and it tends to leave these really big black sticker circles on your skin, which can be a little annoying. Also, some people are susceptible to rashes.
However, though I don't think it's recommended to sleep with the patch on, I will tell you that -- if you do -- it gives you some really wicked dreams. They are very vivid, and sometimes harrowing nightmares, but occasionally you'll get a pretty cool dream out of it. For those of you who like that sort of thing, I suppose the patch can be fun. Also, if you do take it off before you go to bed, the cravings for cigarettes may be pretty strong when you wake up, and the patch takes several hours to take full effect. If you are going to try to the patch, I might suggest that you supplement it with the gum, for those times when you're really hard up for a smoke.
Overall, I'd give the Nicotine Patch a C.