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I'd start off following about 100 a day.
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I've seen this advice from every Twitter "guru" out there, but I have a problem with this approach. I know it's the latest technique or something, but tell me one thing: do you really read all the tweets from the thousands of people you are following? I bet you don't. I also bet your followers (who are also using the same "technique" and following thousands of people) don't read yours. It's humanly impossible, especially when you take into account that some Twitterers have a Tweeting diarrhea - they will tweet dozens of times per day, adding to the unread tweet log.
Besides, I know a great lot of people use special software tools to send welcome messages, automated tweets and to add "friends" ( they don't "follow" people manually). So in reality a huge % of your return followers with this method will be "robots", not real people.
Finally, after only a couple weeks of being on Twitter, my observation has been that most people are only interested in pushing their own stuff, they don't read other people's tweets that much (only a selected few), and very little real interaction and socializing is going on (at least among business owners).
Now to me, this approach simply doesn't make sense. I suspect that the success on Twitter is not about the quantity of your list, but the quality of it.
Right now I am only following people whose tweets I am really interested in (33 right now and I'm thinking of removing 3-4 of them). Some of my followers (20 in total) are people who found me through search or my website. I'm doing my best to keep this whole thing real, it's interesting to see what comes out of it. But right now I am still not optimistic about this whole Twitter thing. Still feels like a waste of time, but I keep telling myself that I'm doing an experiment
Anyway, these are just some thoughts from a Twitter newbie, don't take them personally
Yelena