When are beliefs common knowledge? when both agents can directly observe one another's beliefs. I.e. Bob must know Alice knows that Bob knows that .... ad inifinitum that XYZ is true. Mutually witnessing an event is sufficient for common knowledge.
I feel this is not a useful day-to-day heuristic since the theorem was intended to highlight deficiencies within the Bayesian rational paradigm (specifically the common prior assumption since game theorists weren't ready to abandon rationality in the 70's).