Heck, I run tyres until you can see the AIR! ;-)
Ideally, I run them until the fabric starts to show, but, sometimes, something more serious happens, first, and I'll change the tyre "prematurely". This could be a bad cut, a hole too large to "boot", or, perhaps I'm getting ready to go on a long ride, and don't want to start out with tyres that only have a couple hundred miles left. Sometimes, when they're almost worn out, you'll suddenly lose a piece of rubber about the size and thickness of a postage stamp. At that point, I figure that I got my money's worth out of them.
Now, mind you, everyone's circumstances are different. I'm referring, mainly to my commuter, which is seldom more than 20 miles from the house. Also, if you're doing long-distance heavy touring, or racing, different criteria may apply.