Hey -- don't be lumping me in there with that 305 lover!
As far as why I like the 405 size, I'm a big guy with big hands. Plus I like old-fashioned open barrier wiring arms where I can see the wire go under the saddle, but I don't want to have to use low density modules to get them.
And I'm not saying I DON'T like the 205. I once did a study on alternatives to use as Modbus remote I/O (to a SLC no less), and compared the candidates on the basis of points per unit panel area, points per unit volume, cost per point, and points per module. I chose the 205 as the best fit for that design (against everything from 405's to Wago style terminal block I/O). But in larger machines where space isn't so much of an issue, I think something in the 405/P3K/SLC form factor is sometimes the best answer.
Remember, "SLC" already stands for SMALL logic controller, down from the form factor of PLC-2/3/5's, TI5x0 and 5x5's, 984's, S5-115's, Omron C500's etc, and those were all like a foot tall!