If the child isn't horribly uncomfortable, you should let the fever run its course. The viruses and bacteria that make us sick usually function best at our normal body temperature. So, one of our body's best defenses is to raise the body temperature; a fever is not just a symptom of an infection, it's actually a pretty effective weapon that our body uses to treat itself. Most of the illnesses that we get are caused by viruses (colds and flus are both viral), which cannot be fought with antibiotics, so we should do our best to help our bodies fight those infections.
Generally, as long as the fever is below 102, I try not to give my kids anything to bring it down. Above 102 or so when they start becoming more uncomfortable, I give something and/or give a warm bath, which, because of the evaporation off of the skin, will help bring the temperature down a couple of degrees.
Some worry about febrile seizures, but they are pretty rare, and strongly genetic. No one in my family has had them, but I have a family friend that has them in her family, and all 4 of her children has had a febrile seizure. The seizures aren't generally harmful, though, and all of her children are now healthy adults. If you haven't seen febrile seizures in any of you family, you most likely don't have to worry about them.
Dr. Greene has a pretty good article on fever treatment at: