Very small, yes! Most of the bulk of the previous versions was caused by the outdated installer technology. The new version is distrubuted with a free installer from NullSoft, which is much smaller.

Shareaza also shares itself on the Gnutella network by default, for easy downloading:

magnet:?xt=urn:sha1:Y32Z6URUUYEY4AGR...areaza1201.exe

gnutella://sha1:Y32Z6URUUYEY4AGRGGU5...reaza1201.exe/

(if you have Shareaza 1.2 you can click those! woohoo!)