It's my understanding that this particular sequence of numbers are used so that you can use the smallest number of components to make any value.
Forming an arithmetic value from a geometric series, that's more or less true; take the binary number system for example, where the step size is a factor of 2. The efficiency is near optimal (2 is close to e; base e is the optimum for number representation).
I guess that breaks down if you need a number with the least digits, though. In that case, infi-nary (if you will) is the least possible, i.e., you use one resistor that is exactly the value needed, in each place.
So, we need some other weight function -- some new information which says, for example, how expensive it is to stock so-and-so many resistors, relative to their unit costs. Math alone cannot provide an answer here, other than to say it's probably on the low side (so, less than 2x between values).
As for voltage dividers (the other major application), geometric values make for poor diversity in near-geometric functions like the voltage divider formula (actually, I suppose the formula /is/ still geometric, but in a more basic sense, not in the sense of geometric series...nevermind). Occasionally you get lucky, but E-series values tend to leave unfortunate holes in the available ratios, whereas arithmetic values give more coverage but with less diversity in the total resistance value the divider has.
Example, Say you have an arithmetic series: 1, 2, 3, ..., 8, 9, 10, 20, 30, ... You only get a 1/7th ratio with 1k and 7k resistors, or 10k and 70k, but not 5k and 30 or 40k (35k being ideal then). Whereas in E-series, you get, say, 1k and 6.8k, or 2.2k and 15k, or... The total value has more diversity in the latter case, while the ratios have more diversity in the former case.
Tim