My little Chipper has always slept in bed with us from the time that he was a puppy. He thinks that he owns the bed and he absolutely hates to be awakened when he is sleeping, and has always grumbled and growled when we woke him up in the morning. Once he wakes himself up, then he is fine, and ready for hugs and pets and to go outside for the morning run.
Now that he is older, I have started putting him in a baby playpen at the foot of our bed, for his safety. We have a bed that sits pretty high off of the floor, and since Chipper is eleven years old; I worry that if he falls off during the night, he might break a rib, or even his hip or leg. So (regretfully), we decided that for his own protection, we should start letting him sleep in the playpen instead.
He seems to have adapted to sleeping there and he knows that he is still close to us, and we know that he is not going to fall and hurt himself; so it seems to be working out for the best.