Nikosandros
Golden Procrastinator
I think that one important component of "modern" D&D is the tactical sub-game, so having only very short fights isn't a good idea.howandwhy99 said:None, if at all possible.
EDIT: I've noticed that when we're doing it right, in OD&D, combat is invariable short, even just one round. When we screw up it takes a lot longer. It's more exciting for a viewer perhaps, but the chances of someone dying also go way up. It's better to win decisively because it's better to win. I think our group cares more about winning though than showing off.
Now, in the HARP campaign that I was playing until recently, we always tried to strike from ambush... but the gaming style was quite different from a typical D&D game.
As for the initial question, I think that the optimum duration in 4e will be something that allows the possibility of different tactical options and makes per encounter resource management meaningful, without making things too long or repetitive. Even so, the occasional "end of level" fight that takes a couple of hours or more of real time has its place.