So for example the Samsung Note 2 is a better phone than an S3? 'Size' is but a single factor, or indicator, of the quality of a product.
Because the new Hauwai phone has a 4" screen that makes it a better/on par with the 920? Of course not. I dare say it would even be on par with 820, more the 710 given its specs.
At the end of the day the 920 is Nokia's flagship high-end phone. The 820 falls beneath that so is always going to be classed as their mid-range phone. It is a bloody good mid-range phone that I have been delighted with.