I prefer rifles that will shoot sub-MOA groups, but 2-3 MOA will do fine in most cases. I figure if I shoot 2" from the bench I should be able to keep 'em in about 4" with a good rest or from a good stable shooting position. Take into account range estimation errors and other variables such as wind and that means anything within 5 yards or so is in danger.
Actually, if I can shoot 2" groups at 100 yardsfrom the bench I would feel pretty safe trying anything within 150 yards or so if I had a good shooting position and knew the load had plenty of energy to get the job done. With 3" groups I'd probably limit myself to 100 yards. If groups were over 3" @ 100 yards I'd look for a new load or a new gun.