The Timers are actually a pretty good way to go. They work by having windows post the WM_TIMER message to the apps message handler. This allows the application to run and process other data and let windows worry about the notifications. There are not currently any issues that I have seen with timers. There is a limit to the number of timers you can have.

If you want precise control over a timing situation, you are better off handling it all in code but most of the time the Timers work great.