Are you playing rhythm or lead?

For really chunky rhythm, bigger is definitely better. And you won't need to be able to do 4-semitone bends. Thin strings sound thin on chords, so if you want to build a massive wall for the lead player to paint on, you need massive strings.

Lead players tend to have lighter strings simply because they are easier to play on. That doesn't mean they're lazy - the kind of bends, pull-offs, hammer-ons, and tapping that modern leads require are simply not possible for most people to perform on heavy strings. Stevie Ray Vaughan did some amazing blues bends on .012" - .056" string sets, but then he also had enough hand strength to crush a tennis ball! I've seen axes strung with sets as light as .007", but I think such 'spider web' strings require far too light a touch, and they contribute no tone at all. All of the sound quality comes from the effects and the amp. 'Might as well be playing a keyboard synthesizer!

I use D'Addario EJ21 (.012" - .052") strings on fixed-bridge guitars that I do mostly chord work on, and D'Addario EXL110 (.010" - .046") strings for gettin' slinky on trem-equipped axes.

Your mileage may vary. :)