Ultimately, this is not a matter of standards or best practices for markup, but rather knowing your audience and making sure your website does what you want it to do.
It's more important to consider the width of the browser viewport rather than screen resolution -- you cannot assume that every pixel on a display will be allocated to the browser (and even if it is, you have to subtract browser chrome). If you have access to analytics that report browser width (n.b. browser width, not screen resolution) then pay very close attention.
It's nice to try to accommodate the widest possible range of viewports but there are some limitations. Some challenges can be handled with CSS media types, some can't. Some can be handled with fluid layouts. But fluid layouts cannot work in all situations, depending on the type of information to be displayed, line length, reading comfort, etc. Some fluid layouts don't work in wide displays. Most break when sized below a certain width, etc.
As much as I'd personally like to design for viewports ~960 pixels and up, you can't always do it. So in some cases, it's still safest to design for viewports <=760 pixels or so (800 pixel wide display, maximized) -- though the time we can finally toss this limitation once and for all -- for the desktop at least -- is very fast approaching.
Where conversions are an issue -- and you have a fixed width layout -- you better have a darned good reason for putting anything that the user needs to click in order for the cash register to go "ka-ching" anywhere east of the 760th pixel.
Ditto for the primary navigation.
Finally, test your layout in everything you can get your hands on. Big. Small. Desktop. Handheld. The works. There's no substitute.