Apparently, size does matter. But not in the way you think.
File this under obscure world records that are totally awesome: Ernesto Gainza jumped out of a plane with the world's smallest parachute in Dubai, because everything cool happens in Dubai. The 35-square-foot canvas carried Gainza to the ground while exposing him to G-forces comparable to those a fighter pilot would experience in a jet.
As for why someone would leap from 14,000 feet in the air with only a piece of cloth the size of a Smart Car to guide them safely to the ground, well, the answer is, for your entertainment. So watch the video, and enjoy. And then maybe give the ground under your feet a little love. Just for being there.