I know this is an old question.
Here's another option - attending to different platform requirements - Source
This is the broadest approach I have found so far.
Ultimately the decision depends on your own needs. Ask yourself, who is your target audience?
UPDATE May 27, 2018: As expected, time goes by and things change. But there's good news too. I found a tool called Real Favicon Generator that generates all the required lines for the icon to work on all modern browsers and platforms. It doesn't handle backwards compatibility though.
