Should I Mediate, Arbitrate or Litigate?

It depends. Maybe your case really is one of those disputes where filing a lawsuit (or keeping it going) is the most appropriate course of action; but it will rarely be the only option.

If a "mini trial" makes sense and time is of the essence, then arbitration or perhaps an abbreviated jury trial may be the right choice.

Depending on how far your dispute has advanced, you may well find the best approach is mediation.  It is typically the quickest, least costly and most rewarding method available.  What other method of dispute resolution gathers the parties together and, perhaps within hours, crafts a solution which best represents the needs of those involved?  Unlike litigation and even arbitration, mediation is not about winners and losers; it is about finding a mutual resolution.