I think a lot of this depends on your crowd. I play with a crowd that wants the games to go fairly quickly so those that get knocked out early don't have to wait around forever for the next game.
We usually have 8-10 guys and they want to get in 3-4 SnGs each night. So, with that in mind we had to find a set-up that kept each SnG to about 1.5 hours (that way guys that get knocked out early aren't sitting around for a long time waiting for the next game to start). Thus we've set up our blinds to move up fairly fast (12-13 minute levels). We start with 3,750 in chips (five $50 chips, ten $100 chips, and five $500 chips) and 50/100 for the first level. We then allow unlimited re-buys for the first two levels.
Basically it we're playing a turbo, re-buy SnG. Being one of the better players it's not my favorite format b/c you can get short pretty quickly, but with the rebuy period it makes for some interesting plays and also with 2-4 rebuys each game it adds enough chips to the table to keep the later rounds from being push-or-fold poker (and makes for some nice sized pay-outs).
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GO GREEN!!! GO WHITE!!!
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