For an average image, one that doesn't use much close-up shadow, and doesn't have fancy lighting (sunset, night, or dawn) I use Oshyan's fill lighting and GI of 0/0. this is especially useful if you have don't have much colour in your scene because the fill lights add more of a blue than normal GI.
If I do use GI I never go above 3/3.
For detail I never go higher than 0.8, as i've not noticed any real difference after that stage, AA I keep at 3, because it doesn't really slow down my render that much. For test renders I render at 640x480 at 0.5 detail level, usually taking around 1/2 an hour. My final images are 800x600 (I'm using the unregistered version at the moment).
Cloud samples I always use the max settings, and usually have atmosphere set to 128 samples, but then I render overnight and I find I save more time by using higher settings than having to re-render because of graininess.
Average render time for me is usually around 8 hours, unless I've got a lot of nodes used. I have yet to complete a render with the soft shadows work-around.
As far as I've heard, increasing resolution has an exponential effect on render times, so you would probably be better off rendering at your target resolution with higher detail settings, although I don't know to what degree increasing detail settings has on render times.
My settings are usually overkill to ensure I don't have to re-render. My final render laptop is 1 gHz single-core, with 512Mb RAM. My test-render PC is 2.4gHz Dual Core (so I only get 2.4 used until T2 supports dual-core) with 4 gig of RAM.