x1 for autopilots to run nominally.
x10 in LEO : anything higher causes great losses in terms of precision.
x100 : can be acceptable in LEO if you can't let the simulation run while you're sleeping.
x1000 : you should wait to be several thousands km away from the planet (like after a TLI).
x10000 and more : interplanetary use only, when you are a out of planets SOI.
The lower the Warp factor, the more precise results you'll obtain (as the name says, "warp" skip simulation frames, which means that updates of the physical engine are less frequent, hence the loss of precison).
I think to remember that before Orbiter 2006, a x1000 time acceleration in LEO could easily smash you into the planet face. Correction factors based on complex calculations were introduced in later releases to avoid this. But they don't have the accuracy of the base physical engine.