Failure to discipline a child and tell him/her 'no' is being a bad parent. You will raise a child who will not understand authority and will not understand how the world works (i.e., that you very rarely get your way). Further, you will have a child that no one wants to be around because of their poor behavior. Watch "Nanny 911" or "Supernanny" for examples, and for examples of how a little discipline goes a long way in raising a healthy well adjusted child.
Obviously you're on the right track by trying to provide a good environment where you interact a lot with your children. As long as you do that, they will accept the discipline as well.