I have actually been doing a lot of thinking about the reason for some of the depth limits, and have come up with the following:
12m (40 ft) ... Limit for children(10+) and first time divers. This limit is established because the risks of DCS due to rapid accent, or misapplication of tables in the case of children is fairly minimal.
18m (60ft) ... Narcosis is non-existant, and a skilled diver could make it to the surface in the event of a freeflow. Also, the really fast tissue groups saturate before reaching the NDL at this depth, so emergency decompression stops are minimal. This is my limit for diving with strangers.
30m (100 ft) ...Narcosis may be present. A reliable redundant air source is required. In cold water, a redundant first state regulator is a must. Gas planning needs to be more conservative. A reasonable length dive may be done at this depth.
40m (130 ft) ... Narcosis may be pronounced. Serious consderation must be given to having an independant redundant air source (pony bottle). Buddies at this depth provide a redundant brain in case of narcosis, and must therefore be extremely reliable. Dives at this depth are very short. Any OOA emergency ascent will probably not end well.
Beyond 40m ... Narcosis can seriously impair safe diving. A miniscule amount of time is available for no decompression diving. Fast tissue groups continue to accumulate nitrogen even through the beging of the ascent. An OOA emeregency ascent is not an option from this depth.