the check engine light flashes when it hits 60, as mentioned I dont think there is too much of a problem if it is under that, personnaly as GTSt has suggested, I keep an eye on it and if it increases much over any period of time it tells me perhaps I need to be careful - dirty plugs, changes in humidity or temperature etc.
I believe it is a guide only. I have had a tune where it regularly went up to 50-60, and no damage was done. The lowest I have seen is now, where it pretty much always sits below 20.
The highest I have seen is 98, no apparent damage, BUT I always back off when the check engine light flashes.
I hope that helps.