I think it only matters if archival logging is enabled. If the sizes are too small, then the time spent doing the archive will increase because you will be doing more of them. If the sizes are too big then you lose the time in moving the large files. The basic rule of thumb is to have the size set so that archiving happens not too often, but that sending the files is not a burden either. This is something that depends on your particular system, so no canned size can be given. Once you have the proper size determined, then you make sure that your quantity is sufficient to not get the "out of log space" error.
Andy