How important is the number of characters in your home page title for SEO?

[kingofoverkill]

Ours is:
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Which is shown this way by www.websitegrader.com (http://www.websitegrader.com):
Page Title is too long

The maximum recommended length for page titles is 70 characters, your current page title is 101 characters.

I'm not sure SEO will be improved by lowering it to 70. To do so, I would have to do something like this:
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Thoughts?

[bgcube]

Since search engines display no more than 80 characters of your website's title in their results, it is advisable to keep the title under 80 characters. However, it would also be ok to include the most important part of your title in the first 80 characters, and the rest could stay there.