When it comes to pot size, this is what I've noticed:
Seedlings grow faster in smaller pots
In fact, you'll get the fastest growing seedlings if you start them in solo cups, though you need to transplant by the time the leaves hit the edges of the cup. If you transplant them in time they'll never get rootbound, but if you wait too long and they get rootbound they'll start growing slower/staying smaller/getting deficiencies.
If you start seedlings directly in big pots they tend to grow more slowly at first, though once they get their stride they'll grow as fast as any other plant.
Plants tend to get bigger in bigger containers, and tend to stay small in small containers
I agree with everyone else here that bigger roots support bigger plants. If you keep a plant in a tiny pot it will stay small no matter what else you do.
I also agree that you can get away with a smaller pot if you're using coco (and even more if you're growing in hydro) since the plants are getting all their nutrients directly from the water instead of having to "seek" out nutrients in the soil.
Fabric/air pots can help prevent plants from getting rootbound, but need to be watered more often
If plants outgrow regular pots, the roots get wrapped around the edges, and they become inefficient at getting water and nutrients from the middle, causing the plant to be rootbound.
One way to prevent plants from getting rootbound is to use fabric pots ("smart pots") or air pots (pots with a bunch of holes on the sides). These let air in from the side which "air-prunes" the roots (kills any roots that are wrapping around the edges) and that prevents the plant from getting rootbound.
The problem with fabric/air pots is the air from the sides dries out the medium a lot more quickly, so you either end up watering twice as often, or need to upgrade to a final pot size that's twice as big so you don't end up watering all the time.
So each strategy or method has their pros and cons! If you want to go really crazy, you can grow hydroponically with the roots floating in a reservoir of water and you don't have to worry about transplanting or container size
