In modern times, I do not believe that the presence or absence of a cuff determines the formality of a trouser, nor would it render it more or less versatile.
It is a matter of personal taste/preference and your overall height. I think 5' 10" and above is the rule of thumb for adding them because the cuff can make the leg appear shorter, but if you're over 5' 10" it's not an issue. I'm 6' and I have both cuffed and uncuffed.
I would mostly agree, when it comes to suits. No cuffs is more formal, but I cannot envision any setting where it would actually change the appropriateness of that suit for an occasion. I cannot think of a navy blue suit becoming less appropriate for a wedding, because it has cuffs on its trousers, but next to someone in a similar suit without cuffs, you will look slightly less formal.
Formal wear is different (though I realize the original question was about odd trousers) According to what I've read, there has never been a tradition of cuffs on evening formal trousers (Black or White Tie), as previously stated. There have, apparently, always been a handful of gentlemen that prefer cuffs on their morning trousers, and I think that, with a Morning Coat, they do noticeably affect the formality but, in my opinion, doesn't ruin it. It is a bit of lighter, more fun, way to wear trouser.
On a pair of odd grey pants, I agree with the other posters that it comes down to personal preference. I'm 5'7" and, while I do not currently have any pants with cuffs, my height would not stop me. I might have to experiment with width, but I would probably start with a full 2" and see how it looks. I don't see the point in wearing them, if they look wimpy. And, I'm 5'7"; cuffs are not going to be the thing that makes me look short. The fact that I'm short will take care of that by itself.