I do 1 set of 5 reps, then 2 sets of 3 reps each with a heavier weight.
1x5 - 310 lbs.
2x3 - 325 lbs.
I'll be lifting that when I get home from work. Your 5-rep max is about 87% of your 1-rep max (1RM). Your 3RM is about 92% of your 1RM, and it's about 15 lbs. heavier than your 5RM. Lifting at or above 90% of your 1RM will build significant strength. My 1RM in May became my 5RM in July after I started lifting this way. I use the same method for bench press and squat.
I would recommend starting out doing 3x5. Build up some strength, and more importantly, perfect your lifting form. Then move up to heavier weights.
SW (1/4/12): 326 lbs. (48% BF)
Steak and Eggs SW (5/11/13): 198 lbs.
CW (5/20/13): 189.4 lbs. (22.8% BF)
GW: 185 lbs. (~15% BF)
4.4 lbs. to go, 7.8% BF to go