Typically I use E_ALL to see anything that PHP might say about my code to try and improve it.
I just noticed a error constant E_STRICT, but
Not strictly speaking of error_reporting, I'd strongly suggest using any IDE that automatically shows parsing errors and common glitches (eg, assignment in condition).
Zend Studio for Eclipse has this feature enabled by default, and since I started using it, it has been helping me a lot at catching errors before they occur.
For example, I had this piece of code where I was caching some data in the $GLOBALS variable, but I inadvertently wrote $_GLOBALS instead. The data never got cached up, and I'd never knew if Zend didn't tell me: "Hey, this $_GLOBALS thingy appears only once, that might be an error".