I thought it was common knowledge to hang your deer for at least a week! Everyone I know does it. I hang mine for several days but it depends on the tempurature. If I can get an August cow to the butcher I'll have him hang it for at least 7 days. I commonly hang from 7-14 days.

It gives the enzymes and bacteria time to break down the connective tissue, resulting in more tender cuts and alot of times a more mellow flavor.