I'm guessing OP is asking about dip in voltage/frequency when generator is running and a sudden load change occurs, also to consider is sudden rise in voltage/frequency when a heavier load is switched off.
I don't believe there is a one answer fits all to the question. Types of loads supplied and sensitivity of certain loads will be factors in what is acceptable. If anything a more sensitive load may be better off being supplied through some sort of power conditioner, maybe a UPS type of device.
Otherwise if you have say a 15 kVA generator and try to start a 10 hp motor with across the line starting method, you are very likely going to have an unacceptable drop in voltage/frequency for a wide variety of other loads, yet if this generator is only intended to supply the one motor it will be just fine.