When entering a Catholic Church, it should be obvious where the tabernacle containing the reserved Blessed Sacrament is (look for a burning lamp). It is a good idea to look for that right away, because that will determine how one should behave in all parts of the church.
When in the presence of the Blessed Sacrament
Upon entering or leaving the place where the tabernacle is, one should genuflect toward the tabernacle. Genuflecting is done by touching the right knee to the floor briefly and then standing back up. The short prayer that is usually said silently when genuflecting is, "Jesus in the Blessed Sacrament, I adore you."
Also, when in the place where the tabernacle is, it is customary to be silent. The reason for this is that one of the secondary purposes for reserving the Blessed Sacrament is for the faithful to have the opportunity for prayer and adoration in proximity to the Real Presence. Many churches in Europe (especially in Italy) post large signs for the tourists to indicate that they are entering the Chapel of Reservation and they are to be quiet.
Elsewhere in the worship space
Outside of the Chapel of Reservation, the most prominent feature in the worship space should be the altar — it should be in the center of the sanctuary. The liturgical norms of the Catholic Church specify that a profound bow (i.e., a deep bend at the waist) is the appropriate sign of reverence for the altar. A person must bow (1) when entering or leaving the sanctuary and (2) when passing in front of the altar. It is also customary to bow to the altar when entering and leaving one's pew at the beginning and end of the Mass.
If the tabernacle is on or near the main altar
In some older churches, the tabernacle is on an altar behind the main altar or in a niche in the wall of the sanctuary. What's the appropriate reverence in this situation? The liturgical books specify that one is to genuflect when entering and leaving the pews, when entering or leaving the sanctuary, or crossing in front of the tabernacle.
The exception is during the Mass: no one is to genuflect once Mass has begun, except for the presider who is to make three genuflections during the Liturgy of the Eucharist. Therefore, for most people, they need only genuflect when entering their pew before Mass and leaving their pew at the end of Mass. Not even the lectors who read the First or Second Reading — they are to bow to the altar as they enter and leave the sanctuary.
Some may ask: isn't this disrespectful of the Blessed Sacrament? The answer is, "No, it is not." The reason it is not is because the celebration of the Eucharist is in progress, and if it weren't for the Eucharist (the Mass), we would have no Blessed Sacrament to begin with. The Church wants us to realize that our active celebration of the Eucharist should be the summit of our lives as Catholics, and the font from which all of our faith comes forth. Once the Eucharistic action is complete, then the Blessed Sacrament that remains is most definitely worthy of our adoration.