delay/wait loop vs using 555 timer?

I have a project that needs to check status ever 15-30 seconds. I need to keep power down.
What's the best way? I was thinking of using a 555 to fire an interrupt to 'wake' the board, do what I need; sleep.
Or is that the wrong way to go? Should I just wait via code for the time to pass?
thanks

You could always send the chip to sleep.
Nick Gammon has a nice overview of different modes on his page, including the wake up timer.

The best way is to use a bare-bone Arduino.
There are also boards without the extra components.
When the ATmega328p chip is set into sleep mode, it uses very little current.

http://code.google.com/p/narcoleptic/

How do you want to power the Arduino ?
Do you have components (like sensors) that require 5V ?

While I was writing this, Shpaget already mentioned Nick Gammon's page about power use.

Thanks for the replies.
I was hoping to use some LiPo batteries & a solar charger to help keep it up.
Yes; there is a radio component that runs on 5v.

Will read the referenced pages; thank you !

-josh

Adafruit has board for combining Li-ion or Lipo batteries with solar : USB / DC / Solar Lithium Ion/Polymer charger [Rev C] : ID 390 : $17.50 : Adafruit Industries, Unique & fun DIY electronics and kits

thanks Peter -- will look at it...