This is a classic question. It really depends on the size of your data. If your data is in hundreds of small files, then a smaller size will allow you to waste less space because there will be a smaller amount of left over disk per chunk when the chunks are smaller.
If you have large data chunks (files), then larger sizes for pp will be just fine. It really depends on your data. It is usually good to pick the default size or a little larger.
This question is very similar to the Extent size for Volumes. On my HPUX system the default size is 4MB. Which is fine for most cases, however, I have seen cases where it was 8MB and even 2MB. All depending on the data.