I read up alot on partioning after (unfortunately for me) installing a new HD and setting it up.
Some replies stated there was no good reason to partition, and I disagree.
Note that I am still on OS9 and cannot comment as to the feasability on OSX, although I don't see why any of this shouldn't apply. I just don't know if certain files (fonts, apps) are rquired to be in a specific location under OSX.
Anyways...
One good reason is to isolate your system software, so as to reduce time when using a disk utility program like Norton, Disk Warrior, etc. No need to do system integrity scans on everything if you just want to examine your system.
It also reduces time when optimizing/defragging a hard drive. Certain types of files tend not to get fragmented (fonts, applications, etc.) as they are not edited much if at all. Defrag only those partitions which see a lot of activity.
Another reason is viruses, although I have been on the 'net for a looong time with one Mac or another and had maybe one virus. Some users recommend keeping a partition for your internet downloads/email attachments so as to keep them separate from your system files. From what I have read, a virus cannot migrate to a partition (unless you move it there) so this could be a way to isolate risky files and not worry about them getting into your system.
Any graphics/multimedia files will, if they are edited and re-edited constantly, will get fragmented big time and having a partition for your working files will give you a place to do your work and defrag without having to do the whole hard drive each time.
Partitions also allow you to run mutliple operating sytems on the same machine.
As far as partition sizes, keep in mind how much you have in these categories presently (system, fonts, apps), and determine how much you think this will change in the next 3 to 5 years. Some remain similar, some may blossom depending on whether or not you are a font junkie or how much new software you purchase, etc. You don't want to partition and then run out of room later, that would be a nightmare.
I had a difficult time finding a "recommended partition size" table on the net, but I would do some looking, I am sure someone out there can help you learn from their experience.
Hope that helps.