Lower tilt will enable more saves with fewer tilt warnings and allow you to play longer. There's no regulation other than simply making it tighter or looser by adjusting the plumb bob. In the casual scene tilts are often fairly loose since it's more fun for non-skilled players, but in competition it's generally tightened up so a decent bump will give at least one, probably two warnings. So you usually get "one good move" and then you have to be careful. Some games are bonus heavy too so tilting out is way more of a punishment and you'll see players make moves early in the game when the bonus hasn't built up yet but not later unless it's more of a rage tilt.
Tilts on modern games can make the games end much quicker and is usually the first thing you adjust for competition. Removing posts on the sides and making the game steeper for faster play are other typical tweaks.