Perry Bernard: Different schools of thought exist on this, but the bottom line is that "web designers" often using H tags as styling tools, not to signal relevance or importance. If that`s the norm, then expect Google to be pretty good at figuring out what your title really is, even if it`s not in H1 or H2. That said, if you want to be consistently better than the next guy and have a standard practice to follow, it makes total sense to follow a title tag hierarchy. It`s the "right thing to do" even if the effect is tiny.
Dave Elliott: I`m sure there are things i trust less than an 8 year old Matt Cutts` video, but i`m struggling to think of any.
Dave Elliott: Use best practices where ever possible it will allow Google to parse your page with less effort. This can only be a good thing...my issue is I`m not sure I`d trust a developer who hadn`t mastered using an h1 class rather than an h4 tag to not have mucked up something else on the site.