Cry It Out

Today is day 1 of the "teach little Ella to sleep in her crib" program. Ok, that's a lie. Today is actually day 2, but day one was not at all successful, so I am starting over today. So, Day 1- Ella cried for 40 minutes...are you sure this is the only way to make this work?

I have consulted with several veteran moms and it seems the options are: 1- let her cry it out for 4-5 days now, and live happily ever after, with a child that actually sleeps at night, or 2- wake up 10 years from now with a not so little Ella still seeping in my bed. Am I missing an option?? Please tell me I am because 4-5 days seems like a very long way away.
Of note: I am not making her cry when she wakes up hungry at night. She actually doesn't do that at all, but sleeps a good 6-7 hours when she finally does go down. Currently, in order for her to go down I have to snuggle with her...and then move her into the crib. I LOVE this... but realize that I might be creating a monster.
I will let you know how day 2 goes.