Brakes are nothing more than a hydraulic system. Hydraulics work off of the equation:
F1/A1 = F2/A2
where
F1 = input force
A1 = input area
F2 = output force
A2 = output area
By swapping calipers, you're changing the size (and usually number) of pistons in the calipers. This changes the amount of input force (F1) required to elicit the same output force (F2). By changing the master cylinder, you are changing the input area (A1). This can alter the input force required resulting in a softer or harder pedal feel.
So, to answer your question, you would want to change the m/c whenever you feel that the amount of pedal force required to brake is unacceptable (the pedal is too soft or hard).