I tend to be very frugal and get by with as little of something as I can and still make it work - if that makes any sense.
The 1/8" is just too narrow to work for card bases and putting boxes together, although it is the least expensive.
So I use the 1/4" tape which works well for me, and only costs a little more for the same amount than the 1/8".
For most of the things I make, I don't think the more expensive 1/2" would be necessary.