Recently had a request to access some DMV's by the Administrators of an application.

I couldn't really think of a reason why not to grant access to the following DMV's:

sys.dm_exec_connections
sys.dm_exec_sessions
sys.dm_exec_requests

Supposedly this request was so they could monitor the connections for their applications and ensure things weren't "going wild".  Sounds good to me, a pro-active application team, permission granted.  They may not be sys-admins, but if they see lots of connections from a particular web server, they can go to that web server and reset IIS, saving an alert going to the DBA Team about excessive connections.

Also note that if you don’t have VIEW SERVER STATE permission on the server you will see only the current session, not all executing sessions in the instance of SQL Server.