A quick rule of thumb is "less is more".
"A man should be noticed, a woman should be remembered." In otherwords, a person should be close enough to another person's personal space to be enticed by the wearer's cologne or perfume.
Make sure your hygiene is well maintained, and that you're not using cologne to coverup body odor. By showering and by showering, I mean using soap all over, especially in the important areas, one doesn't have to marinate themselves with cologne.
Your cologne shouldn't enter a room before you do, or linger in a room long after you've left it.
Last rule of thumb: If you've sprayed yourself with cologne, and can smell it after 5 minutes, you've put too much on.
You want your smile to take the other person's breath away, not your cologne!
My personal favorites: "Fierce" by Anacrombie & Fitch and Home' by Cartier - I receive compliments by friends who I greet with hugs!