Well, I have been playing with all three, both together and separately and comparing them to other ships. I have concluded the following Mr. James;
a) being a "canon" sort of guy, if you accept about 305 meters as the size of the TMP 1701, then the smaller one is certainly more close to what it should be size wise. It also isn't much smaller (the proverbial "hair") then the stock Frigate ( I have not replaced all my ships with non stock ones so I have comparison, yet). Although I have seen various sizes for the Klingon BOP, most average around 100 meters, which throws the smaller one off since it is slitly longer. However it is closer then the large version.
b) both versions are highly playable. I don't seem to lose much in taking screen shots (which, btw, I have learned to do, thanks to the manual--I guess reading the instructions before asking actually works sometimes) close up with either one, and of course far away overhead shots are hard with most of the ships unless you are using the larger capital ships.
c) I can see where people might want the larger version simply because it is easier to see if you are zoomed out a bit. the Larger one is still only about half the size of the TMP 1701, slightly larger (less then a hair) then the stock frigate and noticibly larger then the Klingon BOP.
So, considering how variable "canon" really is, I suppose it would really be up to you which one you would want to release for the final version. Both are very playable in my opinion and I will likely continue to use the smaller one just because I like small versitile ships (thinking that such a ship would be as powerful as a frigate is certainly acceptable, since it is a TNG ship and was expected, for the borg mission, to be able to handle minumum crisis, and it did elude (not fight) the borg for several hours) I played with the Delta Flyer for hours, and it was much, much smaller, same thing with the runabout. Although if the final version released was the larger one, I would be very happy with that.
Finally James, I want to thank you so very much for doing this. I had requested this ship several times on this forum before somebody said they would make it. You have done an outstanding job so far in your attention to detail and your desire to make it as close as possible to the actual ship. Small as she might be, the Raven is a awesome ship, and I have enjoyed flying her.