I using third person limited is helpful for mysteries, secrets, and action sequences where you don't want the reader to know what's up next. Obviously astute and practiced readers can usually suspect things, but it's nice to hide it from the reader.
One of my favorite new movies (because there are few that come out now that I enjoy) is "Stranger Than Fiction" and it's a great story about writing literature. The line that helps the professor to believe Harold is the statement "Little did he know...." which the professor said he's taught entire classes on Little did he know..... Obviously the book is written third person limited, and I agree, most modern literature is either first person or third person limited. BTW if you haven't seen the movie, it's worth renting, especially for writers.
I have plenty of Challenge examples using third person, and I think they're all limited. I guess I'll have to try the omniscient at some point just to break me out.