Reading threads like this -- and really this entire site in general -- is fascinating for me from two standpoints. First, I think I fall into the "large penis" moniker at 7.5", though even if that isn't "large", I'm enjoying my convos with all of you.
Secondly, my major area of academic research has been in male body image dissatisfaction, which is a growing trend of research programs in psychology (the field in which I have my master's and will going for my Ph.D. soon). Although my personal focus has been on the issue of muscle dysmorphia -- that is, guys wanting to bulk up to abnormal levels -- there are others who do work on penis size, though (no pun intended) that is a smaller field than the muscle research.
Based on my perceptions of penis size studies -- and I've read the journal articles of many -- I think every penis size study conducted has been methodologically flawed, and only gives a partial truth as to average penis size. The same penis could be "scientifically" determined to have a number of lengths based on person doing the measurement (self-report is biased, male researchers tend to underestimate their peers), point of measurement, and even time of day of the study or level of arousal. So, if we take these studies in sum, they seem to suggest the average penis is somewhere between 5 and 6 inches, though to give a "pinpoint" is inappropriate methodologically and statistically (stats can only give us a window view anyhow, never a pinpoint precision).
Secondly, why is penis size so important? I think, somehow, penis size has become conflated with masculinity in the same way that muscularity has been conflated with masculinity. To have more is to be more masculinie, which is a very American attitude, though not reflective of any genetic of physiological truth. And, if men with large penises do seem more masculine, that could be our projection of masculinity on to them, or perhaps the consequence of the "valued" status in which they are categorized. Historically, however, this association of large dick with perfection has not been the case -- if we look at the art of Ancient Greece and even Renaissance Italy, we see that the penises depicted are what we might consider "small". Yet, those smaller penises were the ideal, as they were seen as being more "human" -- those of gargantuan proportions were seen as being more crude, animalistic, and thus less civilized. I'm probably preaching to the choir here, but there is nothing truly "manly" about a big cock, except our own socialized projections of masculinity on the large male member. It is possible that in two hundred years we might consider another physical characteristic as indicative of masculinity since 1.) No physical trait is really related to manliness and 2.) Gender (and sex for that matter) is a socially developed construct -- as a characteristic in itself, gender only exists due to society.
Sorry to ramble, but I feel like these are important points to remember when talking about penis size and the quest for the 12" or 15" penis. I, however, am going hope that nose size becomes equated with masculinity sometime soon, since i have a honker! Let the nose revolution begin!