I don't completely agree with that.
Bounce rate is not the main stat to look at, far from that. However, it does indicate if a page has a "problem". If you see that your overall bounce rate and each page's bounce rate us about the same (let's say 40%) but one page has a bounce rate of 90%, you know you are targeting the wrong keywords for that page or you may be targeting the right keyword but this page has either a technical problem (images don't load etc..) or a problem with the content (lots of spelling mistakes?)
You can't give an acceptable bounce rate because it will vary depending on your target. The more detailed your niche is, the lower your bounce rate should be. If you target lots of people with general products, your bounce might be in the higher end.
But as Pink Fluffy Bunny mentioned, the most important stat to look at is the conversation rate. A low bounce rate, high rankings, loads of visitors means nothing if you don't have them fill a form, download your template/widget or buy your product/services etc...
If you want to know what some people's bounce rate are, check this thread