It might help a bit to define what 'big' is.
Some folks are talking about 16"x20" as being big, and I think of a print with an image size of 16x20 as a relatively small print - the portfolios I just made to carry around and show people are 16x20 prints in 18x24 portfolios, and I don't think of them as small but I don't think of them as large, either.
30" x 38" is getting large. 40" x 50" is definitely large.
Local contrast issues are different for a 40x50 print, but not as much as you might expect. Sharpening is an issue as well, as you point out.
And there are other, more pragmatic issues with large prints. Anything larger than, say, 25x32 is going to require a frame and mat larger than 32x40, which is the largest commonly carried mat board size. Prints larger than 32" x 40" or so won't even fit on the larger, expensive but available 40x60 matboard, and framing and glazing are starting to get really expensive. When you're up to 40"x50", not only is it a challenge to mount and frame (things like mounting on superthick foamcore become really appealing) but most homes don't even have a decent place to display a print that size.
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