Limits?

[Wendigo]

I didn't see a topic for this, so I figured I'd start one since I think it's kinda a broad subject.

Basically, what are peoples' thoughts on limits in this game? (Other than super annoying compared to Burst skills). I saw someone on Gamefaqs boards mention damage formulas, but I don't think I ever saw the formulas themselves.
I know limits are affected by a few things, including damage formulas, who sets the limit off, and who the limit is set to (setting Hellfire to two Zodiacs gets you much more damage than if you give it to two Gladiators).

But is there more info? For example, if you have a Monk with 70 tec and a Zod with 90 tec (numbers courtesy of my ass), does it make a significant difference whether the Monk or Zod sets it off?

I have a swashbucklin' Shogun who works as my limit booster, and while setting things like the Aegis (ward/shield/defense/etc) or Tactics (charge/lethal/guard/etc) seem like nobrainers, I'm wondering if he could potentially become a good attacker with his limits--are things like Mumyouken (idr how it's spelled haha) or Cross Slash worth the time? Or would even setting an elemental attack backed by high-TEC guys on the other slots work out just as well?
Also what limits do you guys personally like?

Basically, these things are useful but I realised I have no idea how they work

[isometric]

My knowledge of these games shrinks with every sequel, so I'm not positive about the following, it's just my understanding:

I think their damage is calculated based on the stats of all the characters sharing the limit (so if you're using an elemental attack with a zodiac, the zod's partner should also ideally have high tec). The person who casts it can add their self-buffs to the attack as well. Using the zodiac as an example again, you can activate your elemental limit while popping Etheric Charge/having Singularity and score massive damage.

The offensive ones aren't really all that useful if you've got a well-built party since encounters end in 1 or 2 rounds. The utility ones range from why-bother to pretty amazing.

I try to have the fire limit before tackling the second stratum's boss, since my party is usually pretty mediocre/terrible until I get access to dualspec. The second stratum is probably the hardest one for me.

As for the limits I'd recommend (though they're fairly late-game, sorry):

[Liferake]

Here's a giant spoiler box of all limits in the game and what I think of them.