Ideal depth is derived from chip form and breaker geometry. Essentially at book speeds and feeds it should produce a good finish with showers of short, nicely curved, nicely blue chips that are easy to handle and don't snarl up on everything in sight. Strictly only applicable to inserts considered capable of producing a satisfactory finish on the job in question.
In industrial use conventional roughing and finishing methods may be too slow. Better to have a tool able to take decent cuts yet still leave an adequate finish.
Most tools can take far deeper cuts at the (possible) cost of surface finish. Especially ones where the leading edge is angled forward of the tip. But you may have issues in getting the chip-breaker geometry to behave.
Whole 'nother thing when you are working outside book speeds and feeds. I've found that if you don't mind stupid long unbroken chips and have a machine of sufficient strength and power you can go pretty lunatic on depth of cut. I rarely bother tho'. Saving a couple or three roughing cuts is rarely worth it. Better to wind up the speed and feeds. Especially if I have a finish cut planned.
Clive