In reply to Frank4short:
> However my point is buying the biggest most powerful brakes with the biggest discs he can possibly buy is excessive in the extreme.
That wasn't what the OP asked. He said that he had pretty much settled on buying M4s, and wanted to know whether it was worth buying larger or smaller discs.
And my point is - if you're going to spend 150 notes per wheel, it is daft to save an extra 5 quid, and 50 grams, on getting a smaller disc.
If you're not going to go riding in the proper mountains, then a set of Deore's would be fine for most people. But that's not what the OP asked!
PS larger discs have nothing to do with warping (as somebody suggested above) and everything to do with brake fade. On my 'local' trails in the Pyrenees, a 160mm front XT disc is useless within a couple of minutes of descending, whereas the 203mm will stay powerful for a whole run.