As mentioned by Graham Lee, a great deal of this is very dependant on your users. If you are writing something that needs to be optimized to fit on the chip of a 68000 processor, then you'd better believe that program size matters. Assuming you're not programming 30 years ago, you probably won't run across that particular issue.
But in general, you should be making your application as small as possible while still achieving the quality you want. That is to say, if your application is likely to be viewed on an 640x480 screen, then you don't need hi-res 6mg pngs for all your images. On the other hand, if your application is designed to be blown up on a big screen at conferences, then you probably want to upsize your images.
Another option that is very common is creating installers with separate options ranging from full to minimal. That way you can allow your users to decide whether size matters to them. It allows you to create the pretty pretty version of your app, and a scaled back version that doesn't include tutorials or mp3 files of a soothing woman's voice telling you that you've push the wrong button.
Know your users. And if you don't, then let them decide for themselves.