that kind of depends on how rich you want the town or owner to be I guess? I find the Citadel fortress a bit too big for small towns, but too low for a decent city, so I've started making walls to use at a small town (EiF settings etc.) I use thick foam for the wall (about 2,5 cm thick) and then add a walkway using wood, just big enough for an ogrebase to stand on. still thinking about what to do with the top of the wall, as I find parapets a bit too expensive in looks, and want it to be a bit more of a shabby construction...
as for the hight, I like my houses to be a bit higher than the wall, so I stuck to roughly 10 cm in height.