When I was first asked the question of whether or not it is OK to let a dog sleep in bed with you, my immediate answer was “no”. End of story. Why would anyone even consider it such a thing? But, as usual, there are two sides to every story. It turns out that the answer to “should I let my dog sleep with me?” is a definitive, unequivocal, absolute “it depends.”
There are a few considerations that should be taken into account. Almost all have to do with the well-being of the owner. Dogs are almost universally happier if they are allowed in bed. But if you have allergies, asthma, or another condition that might be exacerbated by having Killer sleep next to you, you might well consider leaving him in the living room.
One argument against letting the dog sleep in bed is that it somehow upsets the natural balance of dominance in the home. That particular line of reasoning was pretty well debunked here. Let me just add that if your status as the Alpha in your home is fragile enough that sleeping at the same level could knock you off your perch then there are deeper issues that should be addressed.