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The goal of any great website is to provide quality content for its readers and clients, though no website can be truly successful if it cannot provide the content in a timely manner. How much time is acceptable isn’t always up to you though. It’s in the eyes of the beholder, hence the readers.
If you have a flash based website that is media heavy, and your users knows is, they will probably be ok waiting a minute or two while your page loads. Though, if on the other hand you have a mostly text based website and it takes two minutes to load, there is 99.99% chance the person will not wait. These days, people want information and websites to be practically instantaneous.