If you came here because you are using Azure Search on Sitecore 9 and are over 1000 fields, then you can safely set IndexAllFields to false, however at time of writing there is one known issue (ref 229445) preventing Forms from working correctly in 9.0.2 and below. To correctly patch your config:
<sitecore role:require="Standalone or ContentManagement or ContentDelivery" search:require="Azure">
<contentSearch>
<indexConfigurations>
<defaultCloudIndexConfiguration>
<documentOptions>
<!-- We only want default fields in the core/master/web indexes on azure due to 1000 field limit -->
<indexAllFields>false</indexAllFields>
<!-- Fix sitecore 9 forms issue 229445 -->
<include hint="list:AddIncludedField">
<isTemplate>{558F9307-EBAF-480D-88B5-DFE9E63A66DE}</isTemplate>
<hidden>{39C4902E-9960-4469-AEEF-E878E9C8218F}</hidden>
</include>
</documentOptions>
</defaultCloudIndexConfiguration>
</indexConfigurations>
</contentSearch>
</sitecore>
Note that this only works for Azure search. Lucene and Solr have other fields missing too - you'll have to raise a sitecore support ticket for those.