Like lars, I prefer to use the split environment. Using it, it looks something like this
Code:
\begin{equation}
\label{whateverequation}
\begin{split}
x &= start of long equation \\
& second half of long equation
\end{split}
\end{equation}
The two backslashes indicate the end of the line, and the ampersands on each line are aligned underneath each other.