what i have learned from experience and common etiquette is this:
1. melee should always have first dibs because their LB is a single target attack that hits for high damage therefore most useful on a boss to cut their hp or finish them off. but in certain conditions it can also be used to help get through a special mechanic such as a meteor or enrage cast.
2. for range/caster dps you should only be using your LB if the tank pulls big and asks you to use it. or in some circumstances where the other dps happens to be dead an the boss has reached that 10% hp status or if the other dps is also a range/caster and doesn't execute it in that window. caster/range limit break is weaker than the melee LB because it is an AoE and that means its damage is spread out across Adds dealing considerably less damage if used on a boss or special mechanic.
3. Healer limit break is a last resort and essentially a mass res/raise that buffs the party when used, it should not be abused on trash pulls or dungeon bosses. it is hugely beneficial to have on standby in raids in case your party wipes and you as a healer are there alone and have LB3 prepped. as for LB1 and 2 its just a buff nothing so grand just like any other buff you can grant the party but with more kick to it.
4.tanks this may sound harsh but they really shouldn't be the 1 to use limit break at all their LB is just a massive defensive buff that lowers damage received, the only instance it could be used is if every party member is incapacitated and the boss is killable by the tanks dps for however long the buff lasts for. aside from that i've seen tanks LB3 used in special instances where a raid boss uses their ultimate attack for critical damage thus the buff gained from it sustains the party from facing a potential wipe.
i've seen some here reply about the gauges regeneration and have to say you are wrong, or haven't studied the changes they made to LB which states that gauge fills slower now than it previously had. so no you shouldn't be using it at your leisure but consider when it would be most beneficially used for your party and progression through a dungeon/raid/trail.

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