Besides being useful for many non-European languages (and even for some of them!), UTF8 can also handle all of the characters that are used in word processing, such as "curly quotes" and m-dash and copyright symbol an more.
To the Latin1 may be okay for form fields such as names, address, etc., but if you have any fields where you allow people to copy/paste text from other sources--especially from word processors--you might want to at least make those fields UTF8.
An optimist sees the glass as half full.
A pessimist sees the glass as half empty.
A realist drinks it no matter how much there is.