The two most common mistakes I see are at two ex
tremes. There's one crowd (usually guys) who want to lift really heavy weight, only they take less than a minute between sets of bench press/squat/deadlift/you name it. The second crowd (usually girls) who want to "lean and tone" will take longer rest periods between sets of strength exercises (those that do them anyway).
The first step in understanding proper rest intervals comes with having a clear training goal in mind. For the first group, we established the goal of being able to lift heavy crap, essentially. To do this, in each individual workout, wouldn't it make sense to lift the maximum weight your strength will allow for each rep? In other words, if I am going to do 5 sets of 5 repetitions with the bench press, which would allow me to gain more s
trength in the long run: A) Finishing each set with 185 lbs or B) Finishing each set with 225 lbs?
The answer is pretty clear with this example; using more weight will allow greater strength gains (simple example, 1 day; this doesn't go to say that light speed work isn't beneficial in an overall training program).
Wouldn't it make sense then to take rest periods that allow us to use the heaviest weight possible, when that is the goal? Here's where there is good news. We know, from study after study, what rest periods are optimal (on average) in order to accomplish different goals from out workouts. Based on the energy systems we use to perform maximal effort lifts (Stored ATP and Phosphocreatine in the muscles), and the length of time it takes to replenish these stores after a maximal effort lift (or close to it), which is a minimum of
2 minutes, why would anybody try to hop back on the bench after 45 seconds of rest?
The usual answer I get is, "well I don't need that much". Everybody thinks they're different, or special. It's all about "ME!".
On the flip side, for people who are looking to lean up, lose weight and burn fat, the mistake is taking too much rest instead of not enough. Rest periods (active or passive) need to be incorporated in order to maintain a high level of intensity (another mistake-exercising at too low of an intensity, but that's for another day). So to achieve these highly specific goals, intensity must be sufficient and from there the goal is to decrease, or at least keep down, the rest periods. Metabolic circuits are great for this. Heart rate is elevated, and the metabolic effect from efficient programming can last for a couple of days afterwards (in other words, you will burn more calories simply sitting around for up to 48 hours, than you would have if you never worked out in the first place). But, if the rest is too long in between sets or exercises, you will lose that "afterburn" effect (term coined by Alwyn Cosgrove).
In retrospect, having a specific goal is the first step towards determining your ideal rest periods for that days' exercises. The next factor is intensity-doing sets of 3, with 3 minutes of rest between sets, is meaningless if the intensity is too low. Last, individual differences do exist and should be accounted for. Some people may do better with 5 minutes between heavy sets while others are good with 2-3. This is something you can tinker with to see what works best for you.
Also, as a disclaimer, don't just start lifting extremely heavy weights, or jump into super high-intensity metabolic workouts without knowing you are healthy enough to handle it first.
Hope my ramblings made some sense. Have a great weekend!
Jon