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I agree it depends on the page, but I have competitors at 23% for a 2word phrase on first page of google. Its not the most competive phrase but I don't think there is a "one size fits all" KWD.
IMO, there is KWD for "hidden area" such as ALT tags, link areas in HREF and visible text. Over done or abuse of the first 2 areas can be construde as spam, not sure that the visible text area is as touchy for spamming.
Scott
So I guess up to 20% is OK, for myself 5-8% is more common for my targeted areas.