As a race officer, I suppose the tipping point for me would be when it became apparent that nobody was actually racing anymore - the oft-used "survival mode" expression. When the tactics are gone, the majority of the fleet is upside-down or on the beach, and the winner doesn't look happy about winning, you probably waited a bit too long to call it a day.
In the example I cited earlier in the thread, the breeze started out big, but manageable - I think it was mid-20s, sustained, and the F18's are heavy boats with balanced sail plans. The 35-knot gust I mentioned showed up about a third into the race and mowed the entire front half of the remaining fleet down - of the eight boats (out of 45?) that got a score for the race, some were "finished on the course" if they even seemed to be heading in the right direction, which was a marginal call, IMO. No more races were attempted that day, and many parts were sold.
I was lucky to be with one of the saltiest dogs in the game for that regatta, which is why I wasn't overly worried in the biggest breeze - we swam, but it was no big deal and we didn't break anything. If I'd been the race officer responsible, I think I would have opted for abandonment rather than finishes for that one. I think it was a responsible call to not race the next morning when boats were being blown over while parked waiting for a start sequence, though many of the Aussies and Euros at the event were grousing. That seems to demonstrate to me that the decision is pretty subjective.
Though I question the call to not abandon that particular race, it is my firm (very firm) belief that the race officer makes the determination about when to race, and it should not be subject to redress. So while my team earned a big score in that race, I never would have dreamed of trying to take away the low scores from those that earned them by filing for redress or asking for the race to be abandoned.
You won't find hard and fast guidelines except in classes that have adopted an upper wind range in their class rules - The Hobie 20 class did so after a big-air nationals in Tampa (18.7!

!). Certainly there is not a specific number in the US Sailing race officer's training. Nor do I think there needs to be.
@JC - I do remember that. We'll see that boat at Tradewinds as a matter of fact, though not the "go big or go home" crew that sailed her that day.
