The short answer is ‘yes’, but the question is complicated. A web site should require users to engage in as few clicks as possible to accomplish a specific task, provided that the site can do so without forcing users to face a dizzying array of options, fill out unnecessarily long forms, or wade through pages that are overly dense with content. However, more important than reducing the number of clicks between users and their end-goals is creating the sensation that, with each click, users are making progress towards their goals.
We do not want users to get frustrated or confused by sites and the number of clicks may certainly be a factor in this; users may opt out of a purchase or get frustrated and leave the site if they have to make too many clicks to reach content. Unfortunately, studies which attempt to ascertain the ‘optimal’ number of clicks are always inconclusive. This would indicate that a specific number depends on the content, context, and task at hand.
Since we are not aiming for a specific number of clicks, we should focus on reducing users’ feelings of having clicked ‘too many times’. Simple approaches to this include organizing content in an intuitive hierarchical fashion, combining intermediate pages that are light on substance, and avoiding the insertion of irrelevant pages with ads or special offers. Also, consider providing a visual display of progress – use facets if the site uses some type of content-filtering, or display a list of steps involved in a checkout that shows users where they are in the process.