I prefer to have one big partition for / (at least 4GB), one 256MB partition for swap (this is the default I think), and maybe a third partition for /var if I expect its size to grow a lot. But that's about it. I rarely use a fourth partition nowadays.
Debian places both the web root and the MySQL data storage under /var by default, along with all the logs and other stuff that "varies" over time. So /var is the only partition that really grows over time unless you have your web root under /home or some other path. Besides, a lot of web apps don't grow in size at all

It's also ridiculously easy to resize disks here, since all disks are virtual. With a physical disk in a physical server, you have to move partitions around if you want to resize anything in the middle, so it's important to get all the sizes right the first time. With virtual disks, it doesn't matter. If one of your disks grows too large, you can easily redistribute storage among your disks or upgrade your Linode for more storage. It only takes a few minutes and a reboot, which is nothing compared to the hassle of resizing partitions on a physical server.
Finally, this isn't EC2/EBS. Unless something has changed with the recent per-hour billing announcement, you don't get any discount for unallocated disk space. So it's best to allocate all the space that comes with your Linode. There's no reason to have a root partition smaller than a couple of GB's when you have 48GB or more to play with.