PCs should succeed 78% of the time.
That is, approximately 78% of all attacks should hit. They should win roughly 78% of all battles *. They should succeed on roughly 78% of all Skill Challenges (and, when faced with a single skill check, they should succeed... 78% of the time). And so on.
* Note: the choices here aren't "win" or "TPK". There are the stalemates, the tactical withdrawals, those encounters where they're clearly overmatched but..., and of course encounters where they're just unlucky!
I'm curious where the 78% percent comes from as opposed to say 75% or 80%?