Manly this is just for monitoring over all water humidity of the atmosphere. If the humidity is too high, you should check all of your compounds and recent work to look for any affects due to water. Anhydrous solvents (and other dry reagents) should still be tested periodically while inside the glovebox to ensure they are dry and pure.
I agree that 0.1 ppm is a good standard but if you do not have a moisture sensor a reasonably reliable test that I've seen used is called a lightbulb test. Simply light an exposed lightbulb filament in the glovebox and if the filament stays lit for several minutes then your moisture and oxygen level is sufficiently low to handle most air/moisture sensitive chemicals/reactions. If you do have a moisture sensor make sure to reapply phosphoric acid periodically (a very thin layer) to ensure accurate operation.