Deflections are a serviceability issue. So, as long as the deflection doesn't inhibit the service of the structure, then it's okay. Some thoughts on this:
1) Live Load deflection for beams in typical residential and commercial buildings is typically limited to L/360. This is meant to limit the perceived deflection of the occupants and limit miscellaneous drywall or flooring issues (i.e. cracks).
2) Deflections for items that support masonry (as someone else said here) is usually something more like L/600 because masonry cracks at lower deflection levels than drywall. Also, similar deflection limits may apply for elements that support certain types of cladding.
3) Roof Live Load Deflection: I tend to use the same L/360. But, you could argue that it needn't be so strict if the roof deflection isn't going to result in drywall cracking.
4) Balcony Live Load Deflection: When I use a balcony live load of 100 psf, I tend to use L/240 as a live load deflection. The 100psf is very much higher than the balcony is likely to see. Over-designing it for safety / stress makes sense based on previously observed failures. But, seems a bit much for a serviceability issue. In fact, in cases like this where the residents are going really overboard in their loading, you kinda want them to feel / see some deflection to know that this is a problem. At least that's my thought.
5) Equipment deflection limits: This is usually not based on live loads, but on operating loads or such. You get information from the manufacturer about the limits of operation of the equipment and you obey that.