Yeah, it depends. Some people want to go for max $, and that's cool (WDWTMCW). Some go for max cool, and don't care to much about cash. Some folks even will go for cool even if it's a white elephant and not survivable. I think it's fine to aim for valuations anywhere in the $20M-$750MM USD range. Heck, some things are almost FNACs and so are $5-50MM, so that's cool to. Priorities (pre VC) are founder's personal business choices, so to each their own.