more resistor talk...

[Steven Maietta]

All,
  What are the criteria for choosing the wattage rating for resistors in a
project?  1/8, 1/4, 1/2 etc....   Also, I would think that for applications
like oscillators and other precision thingies of ours, a low tolerance
would be best.  Are the benefits of using 1% over 5% that much?  I would
love to know that I could imporve the long term performance of the things I
build and fix by using the right components, and would definitely spend the
extra money.  Any input to this?
~Steve
PS. Thanks for all the replies to my resistor value string...