I'd say it depends more on the yards to first, field position, and, perhaps most important, who will get the ball. Take Paul's decision in the Taxpayer to go for the 1st on our 25 yard line with fourth and (roughly) 1.5 yards to go. The yards to gain were negligible and Paul knew with virtually certainty that Dedrick Mills could get 1.5 yards anywhere, any time. If it had been, say, 4th and 6, then he would have punted.
In general, my feeling is that beyond mid-field in opponent territory you should go for it on 4th and 4 or less. The stats make that pretty much obvious (I think). That I can't point to specific studies (I couldn't find any on a quick search) on this shows just how far behind baseball football is in analytics. This should be something Tech, of all places, could improve.