Well it is hedged with the word "fancy". I think a charitable reading is to understand the problem domain. If N is always small then trying to minimize the big-O is just showing off and likely counterproductive in many ways. If N is large, it might be a requirement.

Most people don't need FFT algorithm for multiplying large numbers, Karatsuba's algorithm is fine. But in some domains the difference does matter.

Personally I usually see the opposite effect - people first reach for a too-naive approach and implement some O(n^2) algorithm where it wouldn't have even been more complex to implement something O(n) or O(n log n). And n is almost always small so it works fine, until it blows up spectacularly.