Personally i prefer to rest at the most 1 minute between sets because this makes the workouts faster, on some exercises i even rest 45s. Standing around 3-5 min waiting for the other set is kinda boring.
But does it depend on what you are doing, how much you rest between sets? For example if you're doing endurance, strength or hypertrophy?
I read an article by Tom Venuto it seems and it said "You want to rest enough to recover as much as possible before doing your next set. None of this 1 minute crap. More like 3 to 5 minutes. You're not circuit training. Fatigue is not intensity. Fatigue is fatigue. Short rest periods promote quick fatigue. Fatigue limits overload and fatigue limits growth."
This article was for building muscle though. So that's why i ask if it depends what you are doing that determines how much you rest between sets.
I wouldn't mind taking 3 min if it's going to be better of course, but i think slizzardman said (or i read this somewhere else) that if you take 45s-1min at the most between sets that you stimulate more growth hormone this way.