In regards to taping seams and high points, lets say you are using .5 inch green tape on a black car. The paint is in really bad shape. You tape off the high lines in the hood and the gap between the hood and front quarter panels. The paint looks good and now you pull the tape off. Theres .25-.50 inches of dull swirled paint. Now what?
If you go to a PBE store, you can find very thin tape, down to 1/8" and maybe thinner, I'll look sometime this week. Look in the lower right hand corner of the below picture, I think that's 1/8" masking tape.
Photos courtesy of MeguiarsOnline.com
This Corvette had a basecoat/clearcoat finish so I didn't tape off any of the raised body lines, had it had a single stage finish I probably would have. The following weekend this car took first place in its class at the San Diego Plastic Fantastic Corvette Show. The owner was at the time the President of the San Diego Corvette Club. I've probably taught 3-4 classes for their club over the years.
During the process
Afterwards on display
There's nothing wrong with taping off edges if you want to be careful.
Whether other detailers do it or not is personal preference, as I've learned since coming to AG there's no right or wrong way to do something.
I tape off whatever I want to protect and want to take the pre-caution of making sure a portion of paint is not machine buffed.
I approach each car I buff out with the mindset that it's my car so I buff it out just like I would if it were my car. You can read about that here,
The Mindset of a Professional Detailer
As for the area not polished because it was covered by tape, if you use thinner tape it won't be a problem. Any residue line can usually be removed when you apply and remove your LSP, just remove the tape before applying and working the LSP.