I have sailed a few boats a few miles. When you rely on your sails to get you someplace, you want them delivering power to the boat. Most of my sailing is going someplace, crossing oceans or up and down coasts. I like the first reef to be small, say 20%, and I need it to set well so I can still keep power in the boat upwind, I like the next reef to take out about 30% of what is left, and the third reef to knock out about 50% of what is left after the second. That third reef I am not as particular how it sets.
I prefer jiffy or slab reefing, simple, easy and always works, with halyards and lines led to the base of the mast where you can see and work. Makes it easy, but you need a good vane or autopilot if you are single handed or the crew is asleep below. Too many boats put their reef lines and halyards in the cockpit where you can not see what is going on and the winch is in a bad place to work.
Now if you are daysailing out in the bay your needs are probably different. Different reefs for different folks.
Mike