This prose by Alberto Savoia answers precisely that question (in a nicely entertaining manner at that!):
Testivus On Test Coverage
Early one morning, a programmer asked
  the great master:
“I am ready to write some unit tests. What code coverage should I aim
  for?”
The great master replied:
“Don’t worry about coverage, just write some good tests.”
The programmer smiled, bowed, and
  left.
...
Later that day, a second programmer
  asked the same question.
The great master pointed at a pot of
  boiling water and said:
“How many grains of rice should I put in that pot?”
The programmer, looking puzzled,
  replied:
“How can I possibly tell you? It depends on how many people you need to
  feed, how hungry they are, what other
  food you are serving, how much rice
  you have available, and so on.”
“Exactly,” said the great master.
The second programmer smiled, bowed,
  and left.
...
Toward the end of the day, a third
  programmer came and asked the same
  question about code coverage.
“Eighty percent and no less!” Replied the master in a stern voice,
  pounding his fist on the table.
The third programmer smiled, bowed,
  and left.
...
After this last reply, a young
  apprentice approached the great
  master:
“Great master, today I overheard you answer the same question about
  code coverage with three different
  answers. Why?”
The great master stood up from his
  chair:
“Come get some fresh tea with me and let’s talk about it.”
After they filled their cups with
  smoking hot green tea, the great
  master began to answer:
“The first programmer is new and just getting started with testing.
  Right now he has a lot of code and no
  tests. He has a long way to go;
  focusing on code coverage at this time
  would be depressing and quite useless.
  He’s better off just getting used to
  writing and running some tests. He can
  worry about coverage later.”
“The second programmer, on the other hand, is quite experience both
  at programming and testing. When I
  replied by asking her how many grains
  of rice I should put in a pot, I
  helped her realize that the amount of
  testing necessary depends on a number
  of factors, and she knows those
  factors better than I do – it’s her
  code after all. There is no single,
  simple, answer, and she’s smart enough
  to handle the truth and work with
  that.”
“I see,” said the young apprentice,
  “but if there is no single simple
  answer, then why did you answer the
  third programmer ‘Eighty percent and
  no less’?”
The great master laughed so hard and
  loud that his belly, evidence that he
  drank more than just green tea,
  flopped up and down.
“The third programmer wants only simple answers – even when there are
  no simple answers … and then does not
  follow them anyway.”
The young apprentice and the grizzled
  great master finished drinking their
  tea in contemplative silence.