Quote:
Originally Posted by alisha1988
No there are not such penalties if you make the size of H1 or H2 tags smaller then usual but remember one thing, to get maximum benefit use H tags in proper order that is h2 should be used before h1, h2 before h3 and so on.
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I think you meant H1 comes before H2.

Proper
heading hierarchy is important for readability, accessibility and search engine optimization.
Quote:
Originally Posted by sanjeevyadav
Write the proper CSS to give all h1 tags a font-family of Trebuchet, font-size of 28 pixels
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Why does your H1 have to use font-family Trebuchet and font-size 28 pixels? The font-family you choose has nothing to do with SEO and a fixed font size creates a usabilty and an accessibilty problem if you choose one too small for the visitor's resolution or vision.
Quote:
Originally Posted by seosaroj
There is no such penalty for using H1 tags. If it was many site would have penalized already.
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The OP did not ask about using the H1 tag. They asked if the size mattered.
Quote:
Originally Posted by izapharry
Yes h1 tag is very important for Google because it is the first content which google find in your site.
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The H1 tag is not important because it is the first content Google sees. The background coding should be done so the search bots see your content block first and yes, the H1 set of tags should be around the title of the page and located at the top of that block but what it contains is more important.
Now, back to the original question,
The size of your heading tags does not matter from a SEO point of view and the bots.
However it can have some affect because if you make the size difficult to read and don't structure your page content properly with headings no one is going to like to stick around and read the page. If you have readable, scanable, good content then your page is going to get bookmarked and yacked about on Twitter, Facebook and other places. This snowballs as word spreads into more incoming links = more votes for the page = better ranking in the search results

Good headings and sub headings is another plus!