I voted for "I prefer to play with a party of more than 4".
I have a hard time choosing the companions for my party, if I could, I would take all of them along. I want to hear everyone's story, and I like the interactions between characters.
It also feels a bit weird to me why someone should stay behind in camp. Yes, as a player, I know the reason is balancing the fights/encounters, but from a role playing perspective, it is a bit odd. Everytime a companion says that the group is already full, it is very immersion breaking (to me). Maybe they could state something else as a reason? As players, we would still now that they could not come along due to group size limits, but I think it would feel a bit more natural this way.