Does anyone here know what's the actual precision that we can get by the available equipment?
In the US, 60 cm accuracy is often possible with nothing more than WAAS corrections. 10 or even 1 cm accuracy is often possible in real time with access to an RTK network.
Rule about lat/long precision: If somebody says the words "datum" or "projection" to you, and you say "huh?", then you only need four digits after the decimal point in your lat/long coordinates. On the other hand, if you're designing an outdoor parking lot and you don't want puddles, please use survey-grade coordinates.