I would advise against just using /%postname%/ as your URL structure.
You can read a bit about it here:
http://codex.wordpress.org/Using_Permalinks
"For performance reasons, it is not a good idea to start your permalink structure with the category, tag, author, or postname fields. The reason is that these are text fields, and using them at the beginning of your permalink structure it takes more time for WordPress to distinguish your Post URLs from Page URLs (which always use the text "page slug" as the URL), and to compensate, WordPress stores a lot of extra information in its database (so much that sites with lots of Pages have experienced difficulties)."
For a balance of performance and SEO I typically recommend:
/%year%/%month%/%post_name%/
or http://mydomain.com/2010/11/post_name