It's unlikely you'd hear a perceptible difference in volume if your file's highest peak was at -0.1db versus -1.0db. Try it yourself and see. That is what I thought too
Dave until I was mastering an album a while ago and the client was pushing for as much volume as possible. I found that there was a obvious noticeable difference between setting the upper peak limit to -0.1 compared to -1 dB for sure. It was louder and you could hear it. I think it depends on the type of material.
With Jazz and other styles that don't need as much limiting you can still have peaks going up high as much as -1dB or higher even but what they don't do in these situations is push the
rms value so hard. Instead of going for an average rms level of say -7dB a high end Jazz production may even stay around -14 or 12 dB rms instead which sounds better and can breath a bit better in terms of transients and dynamics.
(thank god for some sanity here or normality!) Steely Dan's 'Everything Must Go' CD is sitting around -12dB rms the whole time which is rather nice and yes it sounds great! And that is more pop too which is a little unusual. Some of Kurt Rosenwinkels CD's
(modern Jazz guitarist and incredibly good at that too!) have been pushed a little and are a little loud but they don't sound that way though. Most decent Jazz recordings are mastered at a decent respectable level which is great.