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My guess is, most real practice is to not set the values.
The issue is, such policing can very easily impede legitimate traffic, and unless you have a good analysis, you might not be able to determine the high water mark. Even if you have a good benchmark, the high water mark might legitimately differ tomorrow.
It's true, you can probably police some legitimate traffic without a too adverse effect, but that too requires careful analysis. I.e. exactly where is the "too much" division?
Ideally, and in theory, you set such policers to avoid complete meltdown of your network, but that too is difficult to predetermine.
What you could try is searching the Internet for various opinions of how these values should be configured.
