Some of the more senior members will probably mumble something about aeration being a problem, but I use 1/2" and I'm happy with it. I figured the faster I can rack from the beer the less time it is exposed to the air and stray microbial no-gooders. Plus, it's less likely to get plugged with trub if I accidentally let it dip down too far.
The only other advantage to using smaller tubing is that smaller tubes is that it can be easier to get the siphoning started. And better control when it comes to bottling.