If I put in an estimated date, its generally because I have a pretty good feel for what the proper date is, based on a number of factors:
1) Sources: it's amazing that someone can be born in 1864, 1869, 1870, 1872, and 1874 on multiple different sources, and even more irritating is that they could all be wrong. I try to logically walk through the dates, why they're there, how reliable they are, etc. and come up with the best possible guesstimate.
2) Historical/Legal: The time period, the norms of the day related to marriage and children, and even the legal age for marriage, although sometimes they used to fudge the dates a bit to even fit within these.
3) Economic factors: In hard times, especially in an agrarian economy, it paid to have lots of babies as early as possible. Remember, "Many hands make work light".
4) Familial patterns: If the parents married early and/or grandparents married early, then there's a pattern in place for the children to follow
So weighing all these, I will sometimes merit a best guess. Generally that means going back 15-25 years from the date of marriage to estimate a date of birth. Note that there's a template (I think it's {{Estimated Dates}} ) that you should consider using if you do this, so that it puts a big warning on the profile that reminds you that you don't have a good source record in place to determine date of birth.
Not sure if that's what you're looking for, but it's typically how I try to figure things out.