As far as the style goes, I'm obviously biased, and I'd encourage people to try both to see what suits them best. For me, mustache syntax is very readable, even by non-devs (which makes collaboration and rapid prototyping very easy), and the Ractive API aims to be as easy as possible.
I find React's JSX to be a bit of a barrier (I'm aware that it's not essential to use JSX with React), but as I say it's a matter of personal preference.
Yes, it's currently about that size (27k gzipped) - one of my goals for future versions is to try and wrangle that down. It's not that big a library for the amount of functionality it contains, but smaller is always better.