!00% code coverage means well tested code is a complete myth. As developers we know the hard/complex/delicate parts of a system, and I would much rather see those areas properly tested, and only get 50% coverage, rather than the meaningless figure that every line has been run at least once.
In terms of a real world example, the only team that I was on that had 100% coverage wrote some of the worst code I've ever seen. 100% coverage was used to replace code review - the result was predicatably awful, to the extent that most code was thrown away, even though it passed the tests.
