Steve:
My standard is generally 3% or less. But, if you really know your stuff, it depends on the situation. You can get away with something steeper in a small part of the green, if it gets flatter below that ... but you don't want to push the limits at the front or the edges of the green, where if the greens get quick, people will be putting off the green all day.
A few guys set the bar at 2% -- and generally, their greens are either boring or manufactured in appearance.
MacKenzie and Maxwell generally used 4.5% back in the day, based on shooting grades on their greens, although Press Maxwell told Jim Urbina they never surveyed their greens and just did it all by eye. The advantage of using a steeper standard is that you can keep greens on hilly ground as a flowing surface, without having to resort to multiple tiers.
It also matters a bit if you are in a windy place; if so you have to err on the side of caution, either with contouring or with green speeds.