The install size isn't a massive concern, however the running performance of LR has never been as optimal as it IMO should have been
Geosetter is a powerfull tool to handle GPS informations and is free.
How true ! I'm using now Lightroom 3.x and what impressed me most is the fast workflow from camera to disk and the nice developing module good enough for most of the pictures. Camera Raw and PS is used for the more advanced stuff. Adding more and more moduls is not going to be any help for me and fortunately I have no need to change and can save the cost for upgrading.
Too bad we can't have a series of check boxes for which modules we might want installed. I don't have any interest in video processing.
Use what you need and don't worry about what you don't need.