The reason for the ability to limit a field size is really all about controlling what the user can enter. If you have a field that absolutely always must have a maximum number of characters, you can set a limit. The difference in db size is affected by other things far more than a field that can have 255 characters but you limit it to 15 for example. A slightly more affecting aspect would be a decimal field when an integer would do. Even then, things like design changes, user actions, and storing objects (images/files) have a far more profound effect. It might have mattered more in 1991 when hard drives were around 8 Mb. 
I'd say impose a limit only if not doing so would allow too much for a form or report design to handle, and it's likely to happen.
The more we hear silence, the more we begin to think about our value in this universe.
Paraphrase of Professor Brian Cox.