in arnolds encyclopedia of bodybuilding, he states the following " Try to keep rest periods between sets down to a minute or less. In the first minute after a weight-training exercise you recover 72% of your strength, and by 3 minutes you have recovered all you are going to recover without extended rest. But remember that the point of this training is to stimulate and fatigue the maximum amount of muscle fiber possible, and this happens only when the body is forced to recruit additional muscle fiber to replace what is already fatigued."
100% agree. I use to rest 2-3 minutes, by decreasing rest time, i increased intensity and have had more results.