There is probably an "it depends" here. For example clothes and many other items come in different sizes and usually they are all listed on one page without any detriment to SEO. My opinion is the single page would allow that single page to rank higher than many different pages. I can only imagine the confusion that would occur in search engine result lists if you had a page for each size of a particular shoe model being sold.
I think the rule would be is the size more important than what the item is. For example with shoes it is usually the shoe model that is most important (not the size) so one page with the size as key content on that page. But there are times where users are more likely to search for the size. Maybe it is wall mount ovens where the attributes of width and single and double are more important than the actual model then you might want to have separate pages for each size of the model.
You might also consider having a single page for a widget with the different options and then landing pages that would aggregate all the different widgets of a particular size and then link to the corresponding product detail page.