newid()/order by will work, but will be very expensive for large result sets because it has to generate an id for every row, and then sort them.
TABLESAMPLE() is good from a performance standpoint, but you will get clumping of results (all rows on a page will be returned).
For a better performing true random sample, the best way is to filter out rows randomly. I found the following code sample in the SQL Server Books Online article Limiting Results Sets by Using TABLESAMPLE:
  If you really want a random sample of
  individual rows, modify your query to
  filter out rows randomly, instead of
  using TABLESAMPLE. For example, the
  following query uses the NEWID
  function to return approximately one
  percent of the rows of the
  Sales.SalesOrderDetail table:
SELECT * FROM Sales.SalesOrderDetail
WHERE 0.01 >= CAST(CHECKSUM(NEWID(),SalesOrderID) & 0x7fffffff AS float)
              / CAST (0x7fffffff AS int)
  
  The SalesOrderID column is included in
  the CHECKSUM expression so that
  NEWID() evaluates once per row to
  achieve sampling on a per-row basis.
  The expression CAST(CHECKSUM(NEWID(),
  SalesOrderID) & 0x7fffffff AS float /
  CAST (0x7fffffff AS int) evaluates to
  a random float value between 0 and 1.
When run against a table with 1,000,000 rows, here are my results:
SET STATISTICS TIME ON
SET STATISTICS IO ON
/* newid()
   rows returned: 10000
   logical reads: 3359
   CPU time: 3312 ms
   elapsed time = 3359 ms
*/
SELECT TOP 1 PERCENT Number
FROM Numbers
ORDER BY newid()
/* TABLESAMPLE
   rows returned: 9269 (varies)
   logical reads: 32
   CPU time: 0 ms
   elapsed time: 5 ms
*/
SELECT Number
FROM Numbers
TABLESAMPLE (1 PERCENT)
/* Filter
   rows returned: 9994 (varies)
   logical reads: 3359
   CPU time: 641 ms
   elapsed time: 627 ms
*/    
SELECT Number
FROM Numbers
WHERE 0.01 >= CAST(CHECKSUM(NEWID(), Number) & 0x7fffffff AS float) 
              / CAST (0x7fffffff AS int)
SET STATISTICS IO OFF
SET STATISTICS TIME OFF
If you can get away with using TABLESAMPLE, it will give you the best performance. Otherwise use the newid()/filter method. newid()/order by should be last resort if you have a large result set.