It depends.
For my 1911, I load 230 grain cast bullets to around 840 ft/sec - pretty much duplicating standard factory "hardball" velocity.
In my .30/06, I find max loads give best accuracy with a 180 grain bullet and RL22 powder, so that's what I use. ("Max" in the context of maximum SAFE load, with no signs of excess pressure. And without exceeding published data.) Ditto for my .375 H&H, with either 270 or 300 grain bullets and W760 powder.
Oddly enough, I find that chronographed velocities of my "max" loads are no more than a bit higher than factory ammo is supposed to produce. But factory rifle ammo seems to consistently produce 150 - 250 ft/sec below what's claimed.
On the other hand, in my .308's (an M1A and a FAL) I just try to duplicate military ball ballistics using powders of medium burning rate - gas guns are sensitive to things like gas port pressure, and trying to "max" out a load isn't wise.
Max loads have changed over the years. Pick up a reloading manual from, say, 1970 and compare with one today. You'll find a few changes - almost invariably, recommended powder charges have been cut back.