Wave size and board size

People talk about boards being good in 'small waves' or boards being good in 'large waves'. I would think that the idea of what constitutes a small or large wave is subject to the persons opinion. But how the board performs in those waves or how it is designed is not wholly subject to opinion.
What constitutes small waves, and therefore what boards are for these waves.
What constitutes medium or big waves, and therefore what boards are for these waves.
I guess most importantly is - where does the overlap lie in terms of board and wave size?
What constitutes small waves, and therefore what boards are for these waves.
What constitutes medium or big waves, and therefore what boards are for these waves.
I guess most importantly is - where does the overlap lie in terms of board and wave size?