Back when hand work was commen ± 1/64 " / 15 thou / 0.5 mm was considered realistic for ordinary craftsmen doing careful work. Maybe twice that ± 1/32" for ordinary, but not ruff, work.
For machined parts a fairly common seems to be that ± 5 thou / 0.1 mm is a sensible tolerance for non critical dimensions. Should always be able to do better on any half decent machine unless there are serious material or tool issues. Portass "S" , Sooper Adept and other inexpensive, low end machines will probably struggle tho'.
For parts that have to be to size but not to a fit ± 1 thou / 0.02 mm should only need a bit of extra care on any decent machine. Ought to be pretty much routine on industrial style machines if the job warrants that bit of extra effort to properly account for backlash et al. That's about what I normally expect to work to. But my Smart & Brown 1024 is a high end toolroom machine which seriously helps and my normal work practices are mid way between the "get 'er done quick'n close enough" appropriate to ± 5 thou and "extra care". Mill is a Bridgeport with DRO's on all axes which makes it easier too.
For press fits, bearing clearances and the like you have to work to measurements to get paired parts right. Tolerances don't really apply there for home shop folk. If I really concentrate I can get into the ± tents thou range but, frankly dear I'd rather not.
In practice its more important to know what your personal "quick'n close", "careful work" and "really concentrate" capabilities are. The range of skills, machines and simple practice for home workers are so great that its impossible to be dogmatic. The important thing is that you don't waste valuable workshop time trying to hard when routine would be fine or by do-overs when routine wasn't enough.
Worth remembering that in practice a thou is about as close as can be reliably measured using normally casual methods. Comparative measurements between parts of very similar sizes can be much closer, this sort of thing is what the teeth's thou vernier on micrometer is for. Generally helps if you can use the same measuring stick for both but realistically a thou is it.
Geometric Tolerancing is a weird and wonderful world of its own. Strictly its for CNC boys. Even the pro's have problems applying it to manual machines. Common practice is often to convert to normal rectilinear (or polar if rotary table is involved) tolerances and forget all the fancy multidirectional gains.
Clive.