I've used 3/4", 5/8" and now use a mixture of 1/2" and 3/8" hosing with my D5 pumps - I've not recorded any difference in the cooling ability of my kit.
The 3/8" hose doesn't appear to have any noticeable impact on the flow rate vs 5/8" or greater - and 3/8" hose is a hell of a lot easier to route around your case than 3/4" and 5/8" let me tell you!
Don't go out and replace 3/8 or 1/2 hosing and expect measurable cooling improvements, because you wont find them that way... I was convinced that my hose was the reason for poor performance until I bought decent radiators/fans/blocks. I've never looked back since.