To reply to all:
I tried large and medium. Started with large, but exchanged for medium the next day.
Large is massive - it holds the stuff I need to carry, but really did feel overwhelming for my 5'2" frame.
Medium is a nice size to wear, but does not hold enough to be a daily bag for me -- so it is tough to justify $2K. I had a medium in black goatskin -- LOVED her, carried her on light-load days and outside of work -- but eventually sold her because iI could not justify keeping her on a cost-per use basis.
The other factor is that goatskin is spectacularly thick, chewy and durable, yet it is also heavy. Even the medium, when filled with what she could comfortably hold, was too heavy to wear crossbody for more than short trips. The short shoulder handle is great - the bag hangs perfectly under the arm and -- with a single handle, does not slip off. Another strike against Panda -- crossbody is a must-have for me (even more now than when I had her) - so as much as I love Panda, it doesn't work well for me.
I still long for a Pandora. I have considered trying a small -- abandoning any hope of using it for work. I have also considered trying a large in the softer leather - thinking that it may be lighter weight and drape differently - perhaps less overwhelming on small frame.
The only way to know for sure is to try different sizes and different colors... if you're in a place where you can see them in real life before buying.
For now, on a ban after buying first Bal, so.... hope this can help someone.