For me it REALLY depends on the pad voice (patch). Some are thick and present, others are thin and soft, others have lots of motion and things going on, and yet others just seem to barely float in the air....you almost have to listen for them.
So the character of the pad will usually dictate the number of notes, and the even the chord itself for me.
I also have found I like wide spreads of the notes (some very low, some quite high) on many pads...seems to add a very lush or interesting flavor to the sound.
Some pads sound good combined or layered with others, while many do not. It can be kinda cool to build up a layered pad in a piece, then sort of deconstruct it as the tune progresses.
Just rambiling on here.....