authorized_keys is your guest list
With password auth off, ~/.ssh/authorized_keys on each server is the entire access policy — every line is a key allowed in. Treat it like a guest list: every entry should be identifiable, every entry should be auditable, and revocation should be a one-line edit.
Per-key restrictions — the underused power
You can prepend options to individual entries to constrain what a key can do: lock to a source IP range, force a specific command, disable port forwarding, no PTY allocation. Useful for backup keys ("this key can only run rsync"), CI keys ("only from this IP, only run this script"), and similar least-privilege patterns.