People who like to wear large watches would maybe consider 47 mm to be "oversized" since they are used to 44-45mm. There are many out there who think a watch should ideally be around 35 mm and they will even hesitate to wear 40 mm.
I used to wear a Rolex 36 mm for a long time and never thought about the size. I would nowadays not wear a watch smaller than 40 mm but likewise find watches larger than 44-45 mm to be too big.
I have sold a couple of beautiful watches since I couldn't get used to their large size, one AP at 47 mm and one IWC perpetual calendar at 45 mm and thick as a can of anchovy. Each person finds his own watch size depending on wrist size and taste.
I have a small wrist at 6.2" but my ideal watch size is 38mm-40mm. I can go as big as 42mm though, depending on the style/bezel size. The smallest is probably 36mm but the bezel has to be rather small like the Explorer I.