In my opinion, no... But it all depends on your setup. If you generally play closer to your tv, then it obviously wouldn't need to be incredibly huge. For example, I play on a 55" and I'm 15ish feet away from my tv, and it's about right for me.
Every person is different and really it depends on what distance you sit at.
I sit about 7 feet away from a 60 inch screen and it feels just right to me. I want to go bigger actually, though depending on how much bigger I will adjust my distance a bit.
In fact we have four 42 inch monitors that we have in our control room at work that sit about 2 feet from me and they feel very "monitor" like to me. Hell I think 50 inch sets look small because a 50 inch set is 44% less screen area than a 60 inch set.
So again it varies quite a bit person to person.
PSN ID: sled_dogs76 60" Pioneer Kuro Elite PRO151FD, Yamaha RX-V3900 A/V Receiver, Oppo DV983-H player. Coming soon: 2 Seaton Submersives from Mark Seaton
I always liked the now-defunct 37" models for gaming. I have one in my bedroom, and it's just the perfect size so I don't have to turn my neck or move my eyes much at a comfortable distance. I guess the next best thing is the 40" models, since I consider 32" to be too small.
Can you adjust the screen size on a 42 to be smaller? I've played on my buddys 55 from about 12 feet away and playing FPS I missed out on a lot of peripheral action. I'll have a whole bedroom dedicated to studying/gaming and I have a nice computer chair so I can adjust between distances.