You kinda' need to get a feel for your exact application..........driving style, trail conditions, etc.... Other factors include how much time you want to spend airing down and back up, and how low you really need to go to get the job done. A lot of times in sand if you start struggling you can drop the pressure lower and get going again, as long as you haven't sat there spinning the tires and burying the truck to the frame. In regards to deep snow airing down helps in overall traction and flotation also.
Some of the factors I take into account when airing down. Is it mainly for comfort or do I need it for traction purposes. For example cruising down back roads that are just bumpy and rocky, but you may not even need 4wd. Dropping the tires down to 25 psi helps a lot in ride comfort, and I don't have any concern hitting the paved backroads at that pressure when are driving at slower speeds (I'm talking periodic jaunts up to 50-55 mph and not pushing it hard around corners). I'll do that on a weekend get-away around a national park or something where it's a little bit of easy cruising and periodically jumping on some back roads or easier trails. If I do get into anything more serious I can go to 20 psi front and 15 psi rear with no real concerns. I like keeping a little more air in the fronts because of more weight and more lateral stress. I also have a heavily modified K5 Blazer with 40" tires and typically run 8-9 psi in the front and down to 5 psi in the rear tires in all conditions.
If anybody doesn't believe that lower tire pressure helps out traction they need to go experiment some. Go find some sort of steeper hill (grass, dirt, gravel, etc...) with max pressure in the rear tires, and stop in the middle of the hill and try to get going again in 2wd. Then start lowering the air pressure and try it again. I've done that for a few people over the years. With 65 psi in the rear tires there is a grass hill if you stop in the middle of it you cannot get going again, either trying to feather the gas or flooring it the tires will just spin. I'll then drop the rear tire pressure down to 20 psi and you can get going again without even spinning a tire.