Increasing the size of the exhaust housing will... ... increase spoolup time, decrease throttle response, make more bottom end and acceleration smoke, require more rpm and load to produce the same boost as a smaller housing, flow more exhaust gas, lower EGT when under load such as towing (better drive pressure), increase EGT under low throttle, operate more efficiently under higher loads, *allow heavier fueling while keeping EGT under control*.
Decreasing the size of the housing will: decrease spoolup time, increase throttle response, reduce low end and acceleration smoke, make more boost at lower rpm, flow less exhaust gas, increase EGT under high load (excessive drive pressure), decrease EGT under light load, operate more efficiently when under lighter loads such as driving around town and cruising down the highway.
(some of the above differences will be more pronounced than others, it really depends on how you drive)
Also, wastegated housings cost way more than non wastegated housings. About $450 for a gated 14cm vs about 150 for a non gated 16cm.
Sean