I found this information in "The ABC's of Reloading, 7th Edition" (2004 KP Books), I am sure that more information on it could be found by searching for the "Greenhill Formula."
The formula gives a close approximation of the ideal twist for any given bullet length (given the same bore diameter, heavier bullets are longer than lighter bullets).
Twist rate = 150 * D^2/L (150 times bullet diameter squared, divided by bullet length).
So for example, a 55 grain .223 bullet, .647 inches long:
Ideal twist rate = 150 * (0.224)^2 / 0.674 = 11.2, or about 1:11.
Now, lets look at a heavier .223 bullet, 70 grains and .785 inches long:
Ideal twist rate = 150 * (0.224)^2 / 0.785 = 9.6, so a twist of 1:9 or 1:10 would be best for this bullet.
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EDIT*
A quick google of "greenhill formula" turned up this site:
http://www.loadammo.com/Topics/July01.htm
I didn't read it all but I skimmed it and it seems to cover the topic pretty well if anyone is interested in more detail. It brings velocity into the picture. A quick simple way to decide what twist rate you want if you are faced with many choices and you know what type of bullet you want to use.