A study suggests that the average size of web pages has more than tripled since 2003 from 94K to 312K in 2008. A report from WebsiteOptimization.com analyzes data from 2 different studies:

Within the last five years, the size of the average web page has more than tripled, and the number of external objects has nearly doubled. While broadband users have experienced faster load times, dial-up users have been left behind. With the average web page sporting more than 50 external objects, object overhead now dominates most web page delays. Minimizing HTTP requests by using CSS sprites, combining JavaScript or CSS files, reducing the number of EOs, and converting graphic effects to CSS while still retaining attractiveness, has become the most important skill set for web performance optimizers.

Ultimately design should not compromise the functionality of the size. Nowadays the web can handle large sites with little effect to the speed if done properly. Take Craigslist as an example, only add design elements if they are essential to the functionality of the site. Cut out any clutter that will distract the user from the intent of the site that you are building, to keep their attention on the most important aspects of your site, whether that be the call to action, contact us snippet, or the showcase of the latest product.

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