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...
I don't known what NDepend shows but artifacts that tend to get into many sections (particularly unrelated sections) of code would tend to be bad (IMHO). I've thought of that as "Cancer Code".