If you're like me, I've come across a lot of conflicting information about what agents & publishers are looking for in novel lengths and formats. As an author trying to break into the industry, one of the things I've learned is to control the things that are controllable, and this is one of those things. Submitting a properly formatted manuscript, with a manageable word count is a step towards getting your manuscript read instead of it automatically getting rejected.
This weekend I came across a blog that addressed this very issue. It's worth reading the entry and the comments that follow. The blog is called, The Swivet (maintained by Colleen Lindsay, and a literary agent with FinePrint Literary Management).