Excellent points. While there have been a number of articles on this topic since earlier last month, we really didn't look at it till 3/31. We used tools referenced above to visualize the title tag and adjusted w/ a WP seo plug in. Within two days we saw a change we needed.One other thing to consider is that while Google is cutting off the titles, Google still looks at the entire title tag for keywords, etc. (as per the Moz article referenced in this thread). Of course this has always been the case. The point is, in an ideal world you would strive to have a title around 55 - 58 characters BUT if you have to go beyond that up to 70, just know the longer stuff is going to get cut off. So what does that tell you? Just be sure that your keywords are at the front of the line so they don't get cut off...which has always been a recommendation for SEO (putting keywords upfront in the title).
What this means for local SEO and local business owners is that it might make sense to leave the company name out of the title tag. I think traditionally we have always used title tags similar to this:
Bob's Plumbing | Residential and Commercial Plumbers
Well if your domain is BobsPlumbing.com or you can mention it in the description instead, leave the company name out of the title. There's no sense using up valuable real estate in the title tag if you can reference the company name elsewhere.
We are in the process of reviewing all sites and critical title tags as they'll show in serps.
Which words are most important? Which will help with clicks and conversions? those are the one's which need to move to the front of the title tag.