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...
If changing one dependency means you need to change a whole lot of others, it's bad.  

But yea, some context could help.