Mine are in a very large paddock with access to a large stall. They are let out into the front field during the day, provided there isn't ice. If there's too much ice out there, they are brought down to a large training pen for the day (the footing is always good).
This seems to have worked nicely for us for the past 10 years. They do not get all hyped-up and haven't developed any bad habits (chewing, cribbing, wall kicking ect...).
On those -10 nights, my girl gets a nice blanket put on, my gelding is fine without and prefers to spend the majority of his time out.