I've always been primarily a limit player. Whenever I play in casinos, they generally try to keep it to 3-chip or 4-chip games with a few exceptions for 2-chip games. But all the card rooms I've played at (west of the Mississippi) run limit games as follows:
$1 chips for
2-4, 3-6, and 4-8
$2 chips for
6-12 and 8-16
$3 chips for
9-18 and 12-24
$5 chips for
10-20, 15-30, and 20-40
$10 chips for
30-60 and 40-80
$20 chips for
60-120 and 80-160
$25 chips for
75-150
I've never played higher than 75-150 though, other than online, so I'm not sure what they use for fair high stakes games, but I assume the trend continues. But the general idea is to not have games where it's just one chip per bet because the pots look too small (like playing a $5-10 limit game with $5 chips) and to not have games with too many chips to where you can't tell how many chips someone is betting from across the table without counting the stacks (think 6-12 or 8-16 with $1 chips, oof!). You want the pots to look big and the stack sizes to be manageable. 3-chip and 4-chip games usually provide the ideal balance.