In the simplest terms, a larger bore master cylinder requires less pedal movement to achieve the same result as its smaller bore counterpart; for example, let's say you have 2 master cylinders (MCs), one with a 12mm bore & another with a 19mm bore; for arguments sake, let's say you need 1/2" of travel to fully activate the 12mm MC; with the 19mm, you would only need 3/8" of travel to achieve the same result... it's all about volume... if you press both MCs the same distance, the 19mm unit will disperse 30% more fluid than the 12mm because the bore is 30% larger...
As for calipers, more pistons = more applied force = better stopping power. However, more pistons also means more fluid dispersed by the MC & multiple multi piston calipers = even more fluid needs to be dispersed... every caliper you add to the system doubles the demand on the MC...
Keep in mind, it's just as easy to over engineer brakes as it is to under engineer them, meaning, if your system is too good, it will simply lock the brakes & be completely ineffective... it's a fine line between not enough & too much...