I'm not sure why it doesn't show in this picture but it does look a little long when i looked at it in the mirror...
anyway, i guess the more important question is - does it look too big? there are wrinkles at the side (pic below again) - i interpret that as the suit being slightly too long and slightly snug around the waist (i just wore a shirt over my tshirt while taking this photo)?
I don't think it looks too big, though it's hard to tell from this photo. Perhaps the shoulders are a bit wide, but a profile shot would better help determine this.
Visually, the wide peak lapel gives the impression (at least in this photo) that the jacket is bigger. I have smallish shoulders too - 36R jacket, 16.5-16.75 shoulder seam to seam is best for me - and I normally eschew peak lapels because of what I perceive as imbalance, though this is a matter of personal preference.
RE: the wrinkles at the side - has this jacket been properly pressed? If so, then cleaning up those "wrinkles" is a pretty easy job for a tailor.