It really depends on the noise that dilutes your signal. Noise levels of 4mV or more are common so you may want to use a time interval of 10 seconds so you see 40mV over the time period. Ultimately, you'll have to play with the system to make sure you are not making corrections to your system that are actually caused by noise and not from an input. If your system is very tightly designed and immune from noise, then 1 second or even 0.1 second could be possible. Also, you'll have to do what make sense to the system. Updating PID parameters of a ship's throttle at 0.1 second accuracy doesn't make sense but that is not enough for a fast line-following robot.