Any single number is not going to do any good, because really there's two different things into this "loudness" thing: loudness of the loudest parts, and musical dynamic range.
Basically, if you took running short-window (say 100ms or 500ms or whatever) RMS value (with some frequency dependent weighting if you want) for a given song, then the highest peak for that is decent indicator as to how loud the loudest part is, and basically tells you how hard it was pushed against the 0dBfs ceiling. Beyond a certain point, you can't raise this value without increasing distortion, because this will depend on the signal's crest factor at that particular point of the song, and you can't really lower crest factor without distorting the thing.
However.. for the purpose of musical dynamics, the mean variance (or something similar) of the short-window RMS signal (again possibly weighted as per above) is much more interesting value, because that's going to tell how much the loudness varies from one part of the song to another. It doesn't really matter if the peaks are at -20dB and crest factor is 10 if the whole thing is compressed flat enough that the running RMS reads the same throughout the whole song: there's no music dynamics left anyway. So
Now, you obviously can't get high RMS average for the whole song without both compressing AND pushing it hard against the ceiling, but pretending that these are the same thing will do absolutely no good.
When it comes to crest factor of the loudest passages, as long as it isn't audibly distorted or too lifeless (like some of loudest albums on market) is shouldn't matter much... but here it's also trivial to fix the thing by turning the volume knob. Some production techniques (ducking to basses and the like) will obviously push the crest factor down (and hence loudness up if you normalize peaks). The worst examples here (IMHO) tend to be rock bands trying to match the levels that dance music can reach: it's just not going to happen, because the dance typically ends up with lower crest factor anyway. Some standard for this sort of loudness could be a good thing, but you don't really need multiple values for that.. you just figure out how much crest factor is acceptable, and then force nobody to ever print a CD where a short-time RMS of the loudest part reads higher than the standard. That could actually be a good idea, but .. well I wish you luck.
But even if we managed to get everyone to agree on some RMS ceiling (rather than the current 0dBfs or so peak ceiling) and got rid of the crest factor race, there's still the question of musical dynamics.. that's what really matters when somebody is listening in non-optimal conditions, and where louder CAN be better to a certain degree, and some reduction CAN be a good thing (up to a point). This is also something that volume knob won't do any good (one way or another): if it's got no (musical) dynamic range, you can adjust the volume knob to make it uniformly loud or uniformly soft. If it's got too much (musical) dynamic range, you can select whether you want the softest parts inaudible, or the angry neighbors calling the police when the loudest parts hit the speakers. Too much is too much obviously, but at least you can control musical dynamics without distorting signal (too much anyway).
Now, it's perfectly understandable that radio stations and the like want to reduce the musical dynamic range somewhat, because most of us listen to radio a lot in very non-optimal situations. It is also understandable that somewhat reduced musical dynamic range is a good thing when you listen to your iPod in public transport or whatever.
But the real problem with the loudness wars is that not everyone involved understands it's a tradeoff: more flat music will be easier to listen in non-optimal situations, and well done compression will help bring lower level details audible even in somewhat noisy situations... but take it too far and there are no more details, because it will all melt into an uniform goo.
The other real problem is that not everyone involved seems to understand that crest factor of the (musical) peaks is a separate issue.. and this one is trivial to compensate with the volume knob if you've got a clean signal to begin with. For radio stations again, it would make sense to run somewhat hot to get better SNR, but here it's nothing to do with perceptible loudness being better as such.. rather just weaker signals sinking to noise sooner, thus reducing the area where the reception quality is acceptable (and the stupid cramming of too many stations into too little spectrum resulting in stupidly narrow modulation bandwidths at least around here is the main reason I don't personally listen to radio at all)... but that's not an issue at all when it comes to CDs or MP3s or netcasts or.. well actually anything other than analog radio (unless you count the other obsolete analog formats)...
So the sum of it all? Decide yourself, I don't care to.. but IMHO people should stop confusing crest factors with musical dynamic range: control the latter as you see fit (that's the artistic choice part really.. and done well one can have stuff that appears to have much more dynamics than it actually has, which is a kind of win-win when you want to listen to it in a noisy environment with crappy headphones when someone's kids are crying on the next seat; done badly things will sound flat), but stop confusing it with the crest factor, which helps no-one, and just makes everything more distorted.
..and I don't know if I had a point.. but I must have lost it by now. In the mean time I'm going to keep researching into how to make a one-knob-only ultra-mega-maximizer because obviously there's market demand.
