Our company has a 5 second response time standard limit, and we aim for 2-3 seconds in general. This accounts for 98% of page loads. A few particular tasks are allowed to go up to 15 seconds, but we then mitigate that time by putting up a page and refreshing every 5 seconds telling the user that we are still trying to process the request. That way the user sees that something is happening and doesn't just leave. Although, considering that I work on a website whose users are forced to use for business reasons, they aren't going to leave, but they are capable of complaining quite loudly.
In general, if the processing is going to take more than 5 seconds, put up a temporary page so that the user doesn't lose interest.