Which Network Address Translation (NAT) is the most convenient and secure solution?

Static network address translation offers the most flexibility, but it is not normally practical given the shortage of IP version 4 addresses. Hiding network address translation is was an interim step in the development of network address translation technology, and is seldom used because port address translation offers additional features above and beyond those present in hiding network address translation while maintaining the same basic design and engineering considerations. PAT is often the most convenient and secure solution.

Source: WACK, John et al., NIST Special publication 800-41, Guidelines on Firewalls and Firewall Policy, January 2002 (page 18).