They talk about how recruiters in particular are obsessed with how big the budgets were for a PMs projects or in some cases how big the team was for a project as a measure of the value or talent of the PM.
I agree with these guys in their assertion that some of the smallest projects (budget and\or team) have taught them the most. In theory a PM that successfully managed lots of $1000 projects should be able to apply the same principles to a $1,000,000 project. But I have to say that I think this theory breaks down to some degree. I think that big, high stakes projects carry with them different kinds of pressure than small ones. Also in many cases large budget often equates to large scope. If that is the case then I would want to know that the PM I’m looking at for a position has managed BIG projects if I’m hiring them to manage a big project.
Lastly, if you have not checked out their stuff I recommend stopping by there and browsing through. They have some excellent things to say.