That type of partitioning is basically pointless in my opinion. A partition is much more likely to run out of space if it is small. When you have separate /usr, /var, and so on, this is bound to happen eventually, especially if the role of the machine changes over time.
If you have a machine that is a mail server or DB or something, you'd normally give THAT its own partition. Having a separate /usr or /var does nothing to accomplish this. Moving files between the partitions increases the chances of failure if the two partitions are on the same disk, as that disk has to read and write back and forth to move the data.
If the partition table on a disk with partitions is lost or corrupted, the chances of recovering any of the partitions goes way down. With a single partition, this can be solved by simply re-creating the partition that takes 100% of the space.
All that matters is having good backups. The so-called benefits of partitioning mean nothing if the data isn't backed up properly.