You'll likely find all sorts of opinions on this subject - at the end of the day, it comes down to personal preference - what sounds best to you. However, there are a ton of generally-accepted best practices.
The first and probably the most important thing (being gear-agnostic here for a moment), is to ensure you have proper mic placement. The simplest way to do it is to place the mic on a stand in front of you, then play your guitar, monitoring the mic through a pair of headphones. You can also get a friend to do this too, if you trust their ears!

Basically, you just find the "sweet spot" by moving around the microphone. Specifically, if you want a 'boomier" sound, move the soundhole closer to the mic. If you want a "tinnier" sound, move your position so that the mic is higher up the fretboard. Condenser mics work the best for acoustic guitars, BTW. If you don't have one, jump on e-bay ...
Now, if you really want to kickin' acoustic sound, get more than 1 mic. 2 is plenty for most folks - 3 can do some interesting things - any more than that is probably overkill IMHO.
Place 1 mic around the soundhole or just off of it (depending upon your desired effect). Place the other at an angle to the fretboard, a bit higher up than the other mic, of course. This will allow you to capture almost every nuance of your performance.
Another factor is the acoustics of the room. Again, personal preference combined with the overall feel of the song. I prefer to record as dry as possible - in an isolation booth, or at least behind some baffling. I then add the desired ambient effects later. By keeping the tracks high and dry on tape (figuratively), you have a lot more possibilities during the mix.
The next step is in cleaning it up during the mix - you can play with reverb, delays, EQ, etc. once you have it all down. With one performace, and some liberal application of effects, you can come up with some really interesting guitar sounds.
Hope this helps!
Cheers.
Scott