The size of the magnet significantly impacts the effects observed in falling magnet experiments related to Lenz's Law. A magnet that is smaller than the tube diameter would require a much stronger magnetic field to produce noticeable effects due to reduced proximity to the metal. The interaction between the falling magnet's time-varying magnetic field and the induced current in the tube generates a magnetic field that opposes the magnet's fall, as described by Lenz's Law. Larger magnets produce stronger magnetic fields and greater induced currents, enhancing the observable effects. Overall, the size of the magnet is crucial for demonstrating the principles of Lenz's Law effectively.