I think the thinking of those in the know is that if the monitor is going to attempt to match the print, then it has should be set to the approx contrast ratio of the paper.
For non-matte, that's about 200:1 and for luster/glossy, it's up to around 300:1
When I do my monitor, I set it to 95 cd/m2 and around 300:1 ratio.