Question: What are the things I should be looking for when I produce a dependency graph?

Or to put it another way, what are the characteristics of a good looking graph vs a bad one?

Edit: The context here is my first look at my assemblies in NDepend.

Answer: 
a dependency graph of what? classes? stored procedures?

cycles are bad...
A speaker at a NFJS conference showed us some dependency graphs...
One smell he pointed out was to look for things with relationships to different functional parts of your codebase. These likely break encapsulation.

Also I would look at the general complexity of each section.. ones with lines all over are suspects.