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I personally feel you should submit to the number you are comfortable with... given your time and your expectations.
Some people submit to 12 - 14 of well known lists that provide a good traffic source and good listings for PR (or in DD's case 6 - but I am sure that isnt the norm)
Other's submit to 100's looking for as much traffic as they can... but this can take hours of time and may not produce the results that you expect.
Other go midway and submit to around 50... the big traffic dudes... and the slighty lesser sites that will keep them listed forever and send consistent hits, and possibly be a good consistent PR link for you.
As I said I really do think you need to analyse your expectations and time... everyone is different
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