Many OEMs offer several filters of similar construction, so no compromise need be made on quality or basic performance.
All things being equal, a larger filter has two key benefits - 1) more oil capacity in the system, which helps extend useful life, and keep temperatures down, 2) more filter area means greater dirt holding capacity and therefore greater filtered flow for longer, before filter media saturation and bypass valve actuation.
The only thing that matters beyond these factors is fitment, burst strength, and most importantly bypass opening pressure value. Fitment is straight forward, burst strength is rarely much of a concern, and bypass opening pressure is often published, or can be determined by dissecting a filter.
Generally however, the OE filter design should be more than adequate for the average user, and this is more a matter for people interested in maximizing every detail of their vehicle performance.