Be aware that most of the options discussed in other answers are not standard on platforms that do not use the GNU utilities (Solaris, AIX, HP-UX, for instance). See the POSIX specification for 'standard' xargs behaviour.
I also find the behaviour of xargs whereby it runs the command at least once, even with no input, to be a nuisance.
I wrote my own private version of xargs (xargl) to deal with the problems of spaces in names (only newlines separate - though the 'find ... -print0' and 'xargs -0' combination is pretty neat given that file names cannot contain ASCII NUL '\0' characters. My xargl isn't as complete as it would need to be to be worth publishing - especially since GNU has facilities that are at least as good.