It's more of an issue for shorter riders, as they are more likely to experience pain or injury from using cranks that are too long. Tall guys may not feel optimised pedalling in small circles, but this is unlikely to cause an injury.
At 5'4", I've certainly found that 170mm cranks don't agree with my knees. I've experimented with everything from 150mm to 170mm and feel that 165mm cranks are the best compromise between the leverage of a long crank and the ease of spinning and avoiding injuries of a short crank. 160 is ok, but I find it much harder to get up hills.