Daveedka's comment about fish size to tank size I think is important, and many of the comments above relate to large cichlids which I haven't kept for over 20 years now.
I use a combination of tank size and volume. For example, I have a 20 long now with 3 bolivian rams, 3 black phantom tetras, an African butterfly fish, and a Chaestoma pleco. They're all younger now (except for the ABF a hang over from a former krib tank who is just too cool to displace for the current South American dwarf set-up). These are all small fish with small body mass, so with heavy filtering and weekly water changes it will keep well when they're all grown up. I like to keep fish that are about a third in length of the width of the tank when the fish are adults (i.e. - Bolivians rams max out at about 3 to 3.5", my tank is 12 inches wide, AFB max out at 4 inches, etc.).
Overall, I think the fish length to tank width ratio (I always go for long tanks so length isn't my big concern) keeps the fish in proportion to their enclosed universe, gives them a decent amount of room, and also looks nice to the outside eye.
Since I keep smaller fish, I also try to keep just below the one inch per gallon rule. If I kept bigger cichlids, I'd still use the fish length/tank width ratio, but I'd dump the one inch per gallon concept and minimally stock the tank.
Just the small cichlid keepers perspective here, and it's only my opinion to boot!
Eric