Just like Grandpa wore, that's a big "Depends"!
Here's MusicCity's take on it.
I know people who spray at settings supposedly too low for airbrushes to work well, and they put out wonderful paint jobs.
I know people who spray at ridiculously high settings, and their work is amazing.
As near as I can tell there is a pretty much universal rule to start at, though:
Gravity Fed: thin paints to the consistency of 2% milk and shoot between 10-20psi.
Siphon Fed: thin paints to the consistency of 2% milk and shoot between 15-25psi.
The very best advice I can give you is to get a cheap model and practice, practice, practice. Do some experiments and keep notes on your thinning ratio and air pressure.
Oh. And practice!