Yes I understand the theory, but in practice I have not encountered many situations at all where a low frequency signal had a particularly fast rise time or the rise time was all that critical.
I have, many times. The issue isn't whether or not the signal
needs a fast transition time, but whether it
has one or not.
How about a system reset signal or a powerfail signal? Low frequency (one hopes), and if you get it wrong you can have all sorts of "interesting" behaviour.
I can look at the square wave from my function generator using no probe ground at all, just both instruments sharing the same earth ground and it looks fine at low frequency, maybe a bit of ringing if you zoom in on a transition but the period is long enough that the ringing is nothing more than a little glitch on the edge. Dial it up and it starts to get ugly, at some point there is practically nothing but ringing and the waveform looks nothing like it should.
Function generators usually have analogue outputs, so the frequency content is limited (and well-controlled) by the output amplifier. Ordinary logic outputs have no such limitation.
Modern jellybean logic has sub-nanosecond transition times, e.g. 74LVC devices. And then you can consider fast logic outputs with transition times of <50
ps. We're not in TTL territory any more!
I've built an edge generator from 74LVC devices which have, I believe but have not proven to my satisfaction, risetimes of around 300ps into 50 ohms. For the uninitiated, 300ps => 60mm on a PCB, so a track on a PCB can be long enough to "contain" several such transitions simultaneously.
This is all academic anyway though because there's no sense in not properly grounding the probe.
It isn't academic, it is extremely real and practical.
Others have suggested in this thread that grounds aren't really needed, and that needs quashing.