Load average is a gauge of how many processes are on average, concurrently demanding CPU attention.
Generally, if you have 1 process running at 100%, and it just sits like that for all eternity, you can expect all values to approach '1'.
Generally, this is as efficient computing as you can get, no losses due to context-switches.
However, on modern multitasking OS's, there is more than one thing that needs CPU attention, so under a moderate amount of load from a single process, load average should float between 0.8 and 2.
If you decide to do something insane, like build a kernel with make -j 60 , despite only having 1 logical processor, then load average would rush towards 60, and your computer would be incredibly useless to you. ( Death by context switch )
Also to note, this metric is irrespective of how many cores/cpu's there are. For a 2-cored system, running 1 process that consumes a whole core ( leaving the other idle ) results in a load average of 0.5. Which is good, because it leaves load average as respectable measure of how usable the machine is without having to work out how many cores the user has.