It also depends on what media you are playing. PC graphics will require full range (0-255) because it doesn't reserve space for above white and below black data. Video should use the limited dynamic range (16-235) because 16 represents video black, and 235 represents video white.
For colour space, the media source should give a clue to the selection. DVDs and Blu-rays store their data in YCbCr. The actual format is 4:2:0 on disc but it is decoded to 4:2:2 at output from a player. YCbCr 444 represents Deep Colour Component. AFAIK there are no feature films encoded using Deep Colour. It's redundant for movie playback and also incorrect for accurate colour mapping. It's also worth noting that there's nothing in the spec for consumer DVD and consumer Blu-ray that actually allows for the use of Deep Colour encoding.
YCbCr444 and RGB444 both use a different Colour Space to YcbCr422. The effect of playing YCbCr422 data with a 444 Colour Space is that the colours will all be mapped slightly incorrectly and the Black and the White Points will both be wrong. The effect is slightly exaggerated colour and a picture that looks too dark and over-contrasty. It's not true to what the film should look like. Sony talked about releasing some games for the PS3 in a Deep Colour format. I don't know if they ever did. So, overall Deep Colour (A.K.A. xvYC) is just marketing BS until there's some games software that can make use of it.