So, I think it depends on what you're trying to accomplish in your sessions.
If your game is, for lack of a better description, strongly focused on achieving tactical objectives, that tends of favor aiming for groups just small enough to fit all the roles needed for those objectives.
If your game is more focused on drama and social interactions, that will tend to favor larger groups, because interaction with dedicated players who are each playing a single well-realized character, will generally be more rich than those presented by the GM, who has to wear so many hats and does not have time to develop any one of them deeply. The higher end of this is up in live-action role playing games, where it is entirely possible to have 80 players in one session, but only a handful of GMs. Indeed, most larger live action game delegate the NPCs to a cast of NPC players, so that even those roles are more rich than could be presented by a GM who has to handle 27 other things as well.