Mylor
The larger the disc the faster you can cover a given area of material. Most of the professional machines around are 150mm diameter with some 125mm machines available. A lot of the hobby market machines are 125mm. The main thing to note is the orbit. Large orbit machines have an orbit of 5mm or so, these are designed for aggressive removal of material such as stripping paintwork, and can sand through veneers alarmingly quickly if you don't use a light touch. Smaller orbit machines, with an orbit of 2.5 to 3mm, are designed for finish sanding. They don't cut so aggressively and so are easier to control. If you want to see how they work, take a look at this link -
http://www.festool.com/com/index.html - then follow the links for Products -> Product-Animations -> Rotex RO150 Animation and step through the animation to the page which says "Rotex Eccentric Sanding Motion". Click on the knob and you will then see an animation of the eccentric motion of a so-called Random Orbit Sander. As you will see it isn't really random at all, nor is the speed irregular, but the motion is the result of the combination of rotation around two axes! BTW the Rotex is an oddball designed for car body shops and is an angle-grinder body design (as are most of the ROSs sold into the body shop trade), so I wouldn't take too much notice of the machine itself.
In terms of abrasives I find most of my sanding in the range 80 to 180grit (80-100-120-150-180) which covers most work, although I find that I use more 100 and 120 grit than any other. Above 180/220b grit I tend to switch to hand sanding with garnet paper.
My own machines (both in daily use) are Festo ET2e (now discontinued), a back-handle design with a 3mm orbit and 150mm disc. Festos can be a problem to find abrasives for, so make sure that whatever you buy uses abrasives you can get hold of readily. They do not require a side handle for comfortable use and can be used one-handed as required. With the smaller orbit I find them ineffective on coarser grit papers.
Finally, try to avoid the single speed machines, having a variable speed makes a lot of difference in how useable a ROS can be.
Scrit