This seemingly simple question hides some complexity, i had always considered that it referred to the water content at field capacity, which I assume to equal the soil retained in an intact core at -10 kPa or -100 cm suction. I've read in the literature a number of other meanings, including maximum or saturated water content, difference in soil water between field capacity and the permanent wilting point. What I would refer to as the plant available water content (PAWC), I've also seen it described as the water content after soil had drained over 24 hours with an atmospheric lower boundary.
What do you do and how do you measure it? Do you know of any interesting references on the issue?