As an Internet-only brand, Christopher Ward is a good indicator of market trends. They listen to their customers very closely, and even introduce limited-edition models for their fans' forum. They've had "hundreds of requests" for a reduced size version of their C60 Trident model, and are now adding 38mm versions of the Trident. There's also the 'W61' model for women, which differs only in a shorter strap length.
I like the smaller-watch trend a lot. I really like 38-40mm sport watches, and these ones from CW look great. If you disagree, the good news is that an increasing number of brands and watches are sold in more than one size: Lum-Tec 300M; Omega Planet Ocean; Chanel J12 and others too. Also, Christopher Ward is continuing to make the 42mm size.
One effect of the size reduction is that the date window moves closer to the edge of the dial, indicating that the movement is better sized to the case. By way of comparison, here's the C60 at 42mm:
See how the date window kind of looks adrift in the middle of the dial? It's a pet peeve of mine, an artifact of movements designed in the 1960s at 25mm being put into big cases.
The C61 and W61 are pre-orderable now, non-EC priced at $635, with delivery in September 2013. christopherward-usa.com