I see this as a continuum with those who adamantly refuse to admit any limitations on one extreme and those who constantly lament their limitations on the other. So we have two extremes--stiff-necked arrogance opposite doormat victimization. Clearly neither is what we want. Ideally, a person should be able to gracefully admit their strengths as well as fess up to their weaknesses. If they can't carry a musical note in a bucket, freely admit it. But freely admit as well they are good at math. In short, show balance and a healthy humility in refreshingly candid self-assessments.
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