The idea of "rapid" decay is non-sense if you do not put it in context. In particular, we generally find rapid decay to be a big part of convergence of sums or convergence of integrals as many people noted. Frankly, for convergence of sums, the estimates for how fast something must decay are well-known. For example, the $p$-series test you learn in calculus. Now keep in mind these are fixed in the sense there is no function here. In particular, if we have a power series, a grand question would be when does it converge for a given $x$. More generally, if we are given a power series with the coefficients in some random or arranged pattern, when would this series converge? If the coefficients decay fast enough, such as $p$-series, it will converge for some range of $x$.
A computational dilemma that one might associate with decay is also how accurate the decay is. Is it decaying smoothly or is it decaying according to some random distribution?
Now to answer your questions more precisely, for the first question, the intuition is generally, if it decays like the graph $1/x^2$, we are happy. If it is something else, we need to identify it with known decays (which will make us happy) or prove it some other way (which will make us angry and then motivated). For your second question, the boundary you speak of is not so much a boundary, but more like a family of boundaries (if you can even call them that really). For example $1/x^1$ is the boundary for when a series will no longer converge, but adding a little bit to that exponent 1 will guarantee convergence laughably. Another "boundary" would be $1/x\log x$ which also does not converge, but adding an exponent will make it converge.
Now for all intents and purposes, you shouldn't really think of these as boundaries, but rather just speeds of decay. If you have a pen and paper with you, draw a curve such as $1/x$ on that sheet of paper and draw $1/x^2$ and try to examine the difference in height for large $x$. That should give you some sense of what makes or breaks a convergent series.