For me it depends if it's your everyday watch vs. a fun watch you'll wear on weekends or when dressed casually. I wear a 40mm Rolex and it's just easy to live with in every situation. A 42mm submersible, for me, would also be easy to live with as an everyday watch (work, weekend, church, the occasional funeral or wedding, etc.). My 44mm PAM 111 is probably my favorite watch, but I don't wear it all the time because at 15mm thick, it's just a bit too much. It's my fun casual watch. I love it and look forward to wearing it...but don't wear it as much as my Rolex. I'll also add that, personally, thickness is as important as diameter. I have a large Cartier Santos and it's actually quite large (square watches wear large) but because it's so thin it's as easy to live with as my 40mm Rolex.
Sorry, long winded answer. If you only have a few watches and plan to wear your submersible all the time, 42mm might be just right for you. If you have many watches and want a fun watch to wear on occasion, you could go up to 47mm and totally enjoy it. That's my $0.02 opinion.
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