I try to model my documentation after the MSDN, but you should do whatever works best for you and your team. Some specific points that I keep in mind are things like trying not to repeat myself (DRY principle: theres already a lot of information loaded into a method declaration) and tell why not necessarily what and almost never how. I also try to look at the XML comments as simple contracts. If I get good information that looks like X, I'll do this otherwise, I'll do that.
The bottom line really comes down to considering your need. You'll write documentation a lot differently for a framework API than you would for a one-off personal tool. Consider your audience and try to write the documentation for them.