(ET) Chainsaw: How tight is too tight?

[The CZ Unit <cz alembic crystel com>]

SO last weekend I was cutting logs with my chainsaw, and the chain was 
skipping a bit on the bar. Too loose I thought, so I adjusted it to 
"snug" so I could not lift the chain without it snapping back. I also 
sharpened the chain cutting bits.
Today I took it out, and without a lot of oil the motor was bogging down 
in the wood (about 10-12 inch diameter cedar logs). Using the oil option 
it would speed up, but still the bar was getting warm and all.
So probably a bit too tight. How snug should the chain be? I know it's a 
lighter chain than a normal saw, and I should probably replace it, but 
how snug should it be?
Chris