JS_Harris - 4:08 am on Aug 10, 2013 (gmt 0)
The "less than one second" thing is very achievable but it depends on your site. ymmv.
Tests have shown that every tenth of a second counts, Amazon most recently claimed that a tenth of a second equates to a 1% bounce reduction on Amazon though I'm sure it's not linear. Being as fast as you can be is always a good thing to strive for.
That being said I just wanted to point out relativity, your site speed vs your competitors. Are your competitors blazingly fast while you are a turtle? Being the turtle isn't a good thing online.