I do 2-3 minutes of rest time, a little more if I really killed myself. There have been studies that show the 2.5 minutes is the minimum for the best muscle gain, I believe.
Makes sense. If you're resting 30 seconds there's no way your muscles are good to lift heavy weights again for the same number of reps. I did 240 on bench the other day for 5 reps, and if I waited 30 seconds before benching again I maybe could have done 2 reps on the subsequent set? Instead I waited like 3+ minutes so I could maximize the amount of weight in each set. If I wanted to do 30-60 second wait times, I'd have to use a much lighter weight where 5 reps wouldn't tire the muscle out so much and I could recover quickly.