"As much as necessary" with absolutely zero distractions and absolutely zero rushing. Yes in the real world this isn't always possible. Do it anyway. Be rude if you have to, tell your friend to shut-up while you go over your checklists and pre-flight the plane. Miss that business meeting. Upset your passengers/boss/flight ops/whatever because you missed your scheduled TOT. Eat into your rental time. Nothing is worth more than your life.
I take about 20-25 minutes to pre-flight a Cessna 152. I developed a flow backed up by the checklist, and never deviate from that flow. After checking the annuals/maintenance logs, etc. (if it's a new-to-me rental plane or I know that it's close to a 100 hour), my pre-flight beings while walking to the plane on the flight line - just a general "once-over", taking the airplane in as a whole; do the wings look level? Wheels on or falling off? Any bent metal? Leaking fluids pooling on the tarmac?
From there, I go over everything with a fine-tooth comb. I'm not afraid to touch every square inch of that plane, or use a flashlight (yes during the day) to check the elevator cables/connectors, inside the fuel tanks, around the wheels, inside the engine cowling, etc. I sump the gas at least twice, triple-check the flight controls move in the right direction when turning the yoke, and physically run back and forth between the cockpit and tail to check the trim tab/wheel and make sure it's not reversed. It doesn't matter if it's been 10 minutes since I've been away from the plane or 10 days, I do this every time. Once everything on the checklist is complete, I take a break - 5 minutes just to give my mind a rest and reset, then I approach the plane again with the "once-over" to see the big picture one more time (wings level, wheels good, chocks away, tie-downs removed, no covers over the pitot tube, etc.).
Am I over-doing it? Probably.