Propless and I were talking about this very subject not too long ago. From what he told me, and it makes complete sense in my mind...
The airflow rating of most 4 barrel carbs is obtained at 1.5" of vaccuum. That being said, if you have the correct size carb that the motor wants, you should have 1.5" of vaccuum at WOT.
This makes sense because if the vaccuum reading is higher than this, that means that the carb is flowing the max that it can, but the motor is trying to pull more air through it than it can flow, causing the higher vaccuum reading (restriction = higher vaccuum). On the flipside, if your vaccuum reading is lower than this, that means that the engine cannot pull enough air through the carb to create 1.5" of vaccuum at WOT because the carb is not restrictive enough (i.e. too big).
With 1.5" of vaccuum at WOT, the carb airflow rating is maxing out right at the amount that the motor wants at WOT.
Vaccuum gauges are a very useful tool in tuning a motor. Fairly inexpensive, if you know how to read them they will tell you what the motor is doing and what the motor wants.
Remember, carburetors require a vacuum signal in order for them to work properly, so if you have a carb that is so big that at WOT it doesn't restrict airflow enough to sustain sufficient vacuuum for the carburetor to work properly, your motor will run like garbage at WOT.
I like it, but not really, the 1.5"hg is only true if the engine makes peak load, that being said, if you start to run out of camshaft (volumetric efficiancy drops off) your going to get faulty info on your vacuum gauge and read it like it is overcarbed, when in reality it is turning too damn fast (too much RPM for the engine to use).
The debate would be, is the carb matched to the engine? AND is the engine matched to the load?. Let's make an example of a stock 454 with a super mild cam and put a 800 CFM carb on top of it, now run the engine with a "C" impeller and run WOT which should bring the engine RPM to 5,500 RPM or so, you will have less than 1.5"hg under the carb but the engine would be completely out of it's comfortable VE and not gain any HP, would probably lose HP...Now there could be two possible "fixes" (probably more, but lets keep it simple) 1. Valvetrain/camshaft change to get the motor to use the higher RPM. 2. taller or bigger impeller to lower the RPM at WOT, either should get you closer, but a carb would not fix anything...
Now take the same 454 with baseball sized ports and rediculous valves and the gnarliest cam money could buy, same 800 CFM carb. this time use a "AA" impeller (not bringing up an "HH" because most of us won't see one for a while

). At WOT the motor may make 5,500 RPM again but will be under a tremendous load causing a false vacuum reading again (call it less than 1.5"hg), so is it over carbed or overloaded?
There is a lot to selecting the proper size and type of carb/carbs. and a lot of info. needs to be taken into consideration, I like the trial and error method myself, a vacuum gauge, AF ratio meter and cylinder pyrometer or if headers an infra red thermometer are very useful tools to get you there. Which is why on an everyday non race mill I like a spread bore vacuum secondary, they will literally only pull in what it can use (providing it's set up right..).
Not trying to start any shiat, just joining in the discussion....(I think the term "grain of salt" should apply

GT