I hear what some of you are saying about not wanting the gun TOO accessible. I used to keep a pistol in the nightstand right next to me, or a shotgun right under the bed next to me, but there were several times I was awakened by noises or a dream or whatnot and jumped up and armed myself, only to realize after a few seconds that there was no threat. It freaked out my girlfriend and she insisted I keep the guns somewhere where I actually have to think consciously a little bit before i get to them. She was worried about me accidentally shooting her when she is coming back from the bathroom or something, and me not thinking clearly.
So now I store my shotgun in the closet across the room from the bed, chambered with the safety on. That way I actually have to get up, open the door, get the gun, and turn off the safety before I can do anything. It works. Sometimes I will wake up with a start, and think about arming myself, but upon a few seconds reflection realize that it was just a dream or some innocuous sound. I haven't armed myself without cause since I started storing it that way a few years ago.
There was a time it sounded like somebody came in our screened in porch at night, and I took the shotgun outside to look around... but I did it consciously and rationally (and made sure my GF knew what was going on before I did). And it doesn't take me too long to get to it if I really need it. Also our bedroom is upstairs and all the way at the end of the hall, so if somebody kicks in the door or breaks a window, I will have plenty of time to arm myself even if they head straight for the bedroom.
I also like to keep guns in different parts of the house, so they are accessible in a few seconds no matter where you are. That came in handy just yesterday. The dog was going crazy at something in the yard, so I went out to check it out, with a pistol in my pocket. It turned out there were some kids down the street whose 2 rottweilers got away from and they were nosing around in my yard. They were good natured dogs and went back to their owners without any trouble, but in case they weren't it would have been nice to quickly have my gun in my hand to defend myself or my property.
Whoever said that you will have a lot more false alarms than real emergencies is absolutely right.