Size
The general rule of thumb for the "ideal" sump volume is "as big as possible." Of course, there are some realistic constraints that must be applied. Normally, those constraints are based on the size of the area in which the sump will be installed. I've also heard a rumor that not everyone puts every dollar they earn into their reef aquarium, so perhaps there may be monetary issues for some as well.
If a typical installation is planned that locates the sump under the aquarium stand, then the useable area under the stand will dictate how large the sump can be. When measuring the available space for a sump under the stand, don't forget to take into account any space that will be taken up by other equipment such as external pumps and chillers. Avoid squeezing too much into this area, if possible, as it's best to leave plenty of room to maneuver around the sump. Equipment that is difficult to work on leads to an avoidance of fixing minor problems and doing regular maintenance which, in turn, results in major problems or unnecessary equipment failures.
So, bigger does not necessarily mean better. While the rule of thumb above states to provide a sump that's "as big as possible," there are some other considerations to bear in mind. In the previous article I mentioned that there are many benefits to increasing the total water volume in the system. However, it must also be noted that there are some minor detriments to that concept as well. A larger water volume also means that larger or more powerful equipment must be provided, such as heaters, chillers, protein skimmers, and UV sterilizers, all of which may impact budget constraints on the project.
The most important consideration is that the sump must be large enough to handle the aquarium in question. There are two considerations in this regard. First, the sump must be able to handle the drainage from the aquarium when the pumps are shut off without overflowing. To view an animation of this, click here. For this reason, the sump will always be less than full when the pumps are running. Also, the sump must have enough water in it to provide the benefits described in the previous article, and to avoid problems such as noise and annoying bubbles. This handy online calculator can be used to determine the recommended volume of a sump that will be necessary to handle the overflow from a given sized aquarium.