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I have a 2003 Honda Civic EX coupe. I want to lower it as cheaply, but also as safely (for my precious baby) as possible. Can I get the pros and cons of both?Thanks.

 
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Coilovers are expensive, but are completely adjustable, and if you get a good brand they are very safe and reliable.

Just putting on lowering springs on your stock struts will put excessive wear on the struts, so you should replace these also. Something like Tokico blues would make for a reliable and safe setup if you use good springs. If you want safe, you have to spend more money.

 
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Just springs with stock dampers = bouncy ride.

Cheaper options: less than $900
Springs: Eibach, Tein, Neuspeed
Struts: Tokico Blues

If you want adjustability get Ground Control sleeves and Koni's or Tokico.

Coilovers: Tein Basis

 
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Lowering springs:
PROS: Cheap, Good ride quality, Safe
CONS: You will need new shocks, Ride height depends on the spring, They are harder to install than coilovers.

Coilovers:
PROS: Easy installation, Adjustability, Pre-selected shock /spring combos from manufacturer.
CONS: Expensive, Need to replace entire strut when they go bad.

Coilover Sleeves (Ground Control):
PROS: Major adjustability, Your choice of Spring Rate and Shock.
CONS: Harder to install, Generally not as safe as full coilovers.

All options are good as long as you're willing to install them properly and maintain your car. If you go with coilovers, there aren't many options for less than $1000 that offer adjustable damping force, but there are still some good choices.

 
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That's not entirely true.
If your ride is bouncy, your struts are probably on the way out.

I'd like to put a little more information out there.
Though replacing shocks at the same time as springs is highly recommended, it is not necessary.

It all depends on how your system is treated prior to the drop, and after the drop. And also how low the drop is.

A short drop like 1-1.4 inches with Tein H.Techs or S.Techs will probably not require a shock replacement if it hasn't been abused.
A longer drop like 2 inch with Eibach, you're best bet is probably to replace the strut and probably get a camber kit as well.

Coilovers are great; if you get a good brand.
They are easy to manage and precisely control drop height.
They are a direct replacement of factory suspension, less hassle.

 
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think all have been said

 
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Krud a lot of coilovers can be rebuilt. So in essence when you say you need to replace the whole strut isn't necessarily true.

 
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True true! And I believe TEIN will even rebuild any of their struts you send to them