You might do a search on this forum - this has come up before. The problem is that the answer depends on the existing electrical system, the other loads, planned future loads, etc. There is not a hard and fast rule that can be applied to every situation.
If you have ONE large motor, it probably makes sense to stick with 480 V as long as you can supply it from your existing 480V transformer. That will usually be the limiting factor. You can buy a 1000 hp 480 V motor. But starting it might be a problem. If you have ten 300 hp motors, it will probably be less expensive to go with 4160V.
Likewise, you can buy 100 hp medium voltage motors, but you will pay a hefty premium until you get up around 300 hp or so.
And if this motor is to be fed from an Adj. Freq Drive, that's a different scenario entirely.