Are you doing any SAN replication? How many VMs do you expect to have?
The size limit for a LUN presented to ESX(i) is 2 TB - 512 bytes, so think of that as your largest VMFS volume size. You can use extents to go beyond the 2 TB - 512 bytes VMFS volume, but unless you have a really good reason to do so this should probably be avoided.
50 GB is definitely on the small side for a datastore. A lot of people will go with something in the 500GB -1 TB range, but as with most things virtual - it depends on your shop/setup.