I now look at the diameter vs breaking strain for my trout fishing, mainly because I feel more comfortable with a thinner diameter giving my fly more movement in the water instead of being pulled along by a "ski-rope".
However, were I to spool up a reel for tropical fishing, I usually look for IGFA rated lines as I know, for certain, that line has been tested to IGFA regs.
Aside from that, for general fishing, it is still breaking strain to diameter as I know I can generally spool more on to my reel - a habit I developed in SA to ensure I always have as much as I can cram on. A strange habit, perhaps, but it has stuck with me.
When that fish of a life-time comes along, I may consider it a good habit
Benjamin