Yeah, I've heard that estimate, and for men I think it was 120lbs for 5 ft, then 5 lbs more per inch. It seems to me to be reasonable for the average person. Although I'm sure there will be LOTS of posts pointing out that muscle mass and body composition and so on will make this estimate invalid.
Here's a link to the history of this height/weight table:
http://www.halls.md/ideal-weight/met.htm
Personally, this is the rule I've used to set my "goal" weight, but I certainly will reevaluate this once I get close (fingers crossed). I recall that at my best physical condition, I weighed 145lbs and wore a size 6-8 and I looked GOOD.
Kira