Oh, now you've put me on the spot! I honestly can't remember where I heard or read it!
It's more of a guideline to aim for, to ensure that your not overstocked and that you're doing enough maintainence.
I think the main thing to remember is that nitrate is not toxic to fish unless it's very, very high (I've seen 300ppm quoted before; again, don't ask me where!); like mishmash, the water from my LFS is way up around the 140/160ppm; obviously you don't want to let the nitrate in your tank creep up that high, but any level up to 100ppm or so is not going to harm the average tropical fish.
There are some fish, like discus, rams, marines or anything wild caught, that are more sensitive to it, but in general terms if you're perfoming enough, regular water changes, nitrate is not something you have to worry about.