It depends on the type of site as well. One would expect that if you are building a community type site or a product site where you are betting on lead losers and repeat customers, return visitors and awareness is more important. On the other hand if you are a small company which is using their web page as basically a brochure for people looking for them online, a high percentage of offsite and search engine referrers are perfectly acceptable.
you could do (views/visitor sessions) which would give you page views per visit - roughtly - or you could do (views/unique visitors) which would give you an approximate number or pages each individual visitor looked at during one visit or multiple visits. If possible filter out the spiders cause taht can severly distort the data.
Another factor is where you are in the lifecycle of the site. It's quite common for a new site to get 40-60% of it's traffic from SE's.
As time progresses, more people find the site in search engines and end up linking to it, so the additional referrals begin to grow. Down the road, the total percentage of traffic from SE's will naturally drop.
That whole cycle is what makes SEO an often overlooked form of viral marketing.
My take on this is that it's referrals from other related sites which is most important to my business. And of course, the bigger the referrer, the better - especially if you're a relatively new site (say pre-18 month mark?).
However, I still think that a bookmarked referal is arguably the ultimate compliment.