Ideally, the aspect parameter should match the ratio of the physical
dimensions (in millimetres, inches, etc) of the viewport, while the fovy
parameter should be 2*atan((height/2)/distance), where height is the
viewport height (i.e. the height of the window) and distance is the
distance of the viewer from the screen.
But that tends to result in fovy being far too narrow in many cases, i.e.
a "telephoto" view, particularly when the window is much smaller than the
screen.
The fact that a mathematically-correct perspective tends to look distorted
when an object moves away from the centre of view is well known. E.g.
http://www.handprint.com/HP/WCL/perspect1.html#distortion
suggests that anything a 60-degree cone is the practical upper limit, and
40 degrees is safer. Also, that article deals mainly with static art
(painting, photography), where the composition of the scene would tend to
avoid having objects of interest around the edges.
Applications (e.g. CAD) tend to use fairly narrow view angles.
First-person games which require a reasonable view angle to avoid
"tunnel vision" actually look quite bad if you're paying attention to the
perspective at the edges of the screen.
But the game mechanics (e.g. shooting at things) and the control
model usually encourage the player to keep objects of interest in the
centre of the screen and to keep their view focused there, using the
mouse/controller to move the view rather than looking around the screen
with their eyes. Also, they're normally using the entire screen rather
than a window.