Some quick thoughts on this:
1) Yes, this is very common. I've seen it more for window openings than for the large opening that MIStructureE_IRE has seen. But, my experience is relatively limited.
2) Remember that there is "arching action" of the masonry such that the beam won't see the full weight of the masonry above it. It will actually see very little. Even the live loads and such applied above will be arched over the opening to a good extent.
3) The bottom beam won't really see any load.
4) I used a more severe deflection limit if I remember correctly. It wasn't as severe as the L/720 for dead load that DIK uses (although we might have used that for the dead load only). I think it was L/600 for DL + LL. I would not go for less than L/480. Masonry will show cracks more easily than other materials. So, a little extra steel is more than worth it to avoid the cracking.