I think BMI is alright if you are on the small boned side like me (size 8 feet). If I say I am 5'11" instead of 5'10" the BMI numbers are pretty much correct for me, but as I say I am small boned.

I think bodyfat % is the right way to pick a goal. My goal is under 17%. Now, I just have find a way to have my body fat measured decently.