I'm intrigued as to how you find the smaller shield less reliable. I agree that Siege Pulse can be iffy off-host, but can't think of an example of difficulty with the shield. You'll never persuade me that the bigger shield is better than a 10% damage boost, but for the sake of a fun discussion I'll say that I don't doubt that you are considerate with it, but I still don't get why you think it's better than the small version, or indeed why you might perceive that your teammates might prefer it. Trust me, the competent ones won't. 
The thing you describe on wave 7 with Cerberus is exactly what I would do with the small shield, but I wouldn't be blocking off the whole corridor for others. Also, blocking LoS from spawns - I'm sorry, but again, you can do that better with the small shield, because blocking LoS works both ways. Even the 'sprint' to the EZ works better with the small shield, walking backwards. And as for reviving a teammate, I have to say I regard the bigger option as complete overkill.
I guess what I'm saying is that even when you think you're using the big shield responsibly, you will almost certainly be reducing your teammates' effectiveness. With the caveat that we're assuming teammates who don't need a Jugg on the team to survive on Gold.
And all this talk of being out in the open is slightly amusing to me, because it's the 'out in the open' Puggernauts who are usually the worst, so I regard the big shield as a kind of facilitator for learning bad habits. I don't think it can do anything the small shield can't do in a less annoying fashion. But I do like the Lancer on him, so we won't fall out over it! 
You make all reasonable points, I suspect the answer to that is that it boils down to personal preference... and I am a tortoise, so of course I prefer the big shield
Before settling on the big shield, I found Atlases difficult to tackle, and pretorians lasers often would hit me. I also did try to take advantage of the 10% damage boost, but to me, it just interfered with the siege pulse spamming: I run with three shots for increased damage, and I do like to relocate, so I'd have to redeploy the shield too often for my taste. I prefer to have simpler cooldown mechanics with the Jugg, it's already annoying enough to haul it around the map.
I have never had teammates nuking my shield or shooting at it to take it down - something I do when juggernauts place it poorly, so I at least think I am minimizing the ill-effects of it 
You are most right in mentioning that with a good team, the shield is never needed - bar the rare device or something like the hack in the reactor on wave 10. I do have matches where I don't use it at all, and that is usually a very good sign 
When I end up deploying it a lot however, it's usually because the team is weak or inexperienced, and then it does come in handy. I certainly do not feel like clutching waves with the jugg, so for example when the team is drawn into a firefight in the middle of condor, or on any other open part of a map, I either let them bleed out, or wade in there and take my personal cover with me. Bonus point: by creating enough cover around me, sometimes I can regroup (herd?) the team towards a more tenable position (I don't use a mic).
As for being out in the open, I try to avoid it if I can, but sometimes if you want to keep the team alive, you have to bite the bullet and get out there.
Your reasons are quite convincing though, I might burn a respec card and go 5 in the shield and 3 in the turret, and see how I like it - the hipster tortoise in me says not to hold your breath though 
Glad to hear you like the Lancer on it, for me it fits like a glove with my playstyle.
I also want to mention I try never to heavy melee anything - if I need shields, I will pop an op pack 
And OT: I only leave if there are two high CP/N7 reegar AIUs, an Harrier TGI with AC5, or if the enemy is preset to Cerberus 