You can pretty much set these to any values as its art and almost anything goes.
Wide FOV's (greater than 90 degrees) tend to have that "dramatic" and distorted look to them, and low FOV's (less than 40 degrees) tend to have that zoomed in "relative scale" look. So use either for whatever effect you are after.
As for A/R, wider tends to match human perception more, but it could really be anything depending upon what you want.