Different micromechanical models for the prediction of mechanical properties of CNT/polymer composites, taking into consideration filler percolation throughout the matrix, are considered. It is demonstrated that the critical filler volume fraction, where a percolating network of CNTs is forming, marks a “turning point” in the reinforcement efficiency. Expectations for the reinforcing effect of CNTs at concentrations above a percolating threshold with the current technology are in general unrealistic.