My personal experience (2 years feeding) with the Hikari Saki food is that is does produce less -vissible- waste. Fish growth and health and water conditions were very good. Because Hikari is not availlable in The Netherlands anymore i'm having a hard time finding a good replacement
About the "germs"; Hikari claims they added special bacteria that help the digestion in the fish but also breaks down the wast after it leaves the fish.
Also these bacteria work as a probiotic and enhance the immune system of the fish (= Hikari claims).
About pellet size; I feed only medium (4-6 mm) pellets to my big koi because I like them to work for it (body exercise). I know several Japanese breeders who use only small / medium pellets for the same reason. Also some claim it helps in the digestion. But I wonder about that last point; did we forget that koi have a very nice / effective set of molars in the back of their mouth.......after grinding down, 10 grams of large pellets wil have the same surface eara as 10 grams of medium pellets.....
Oke, some pellets will be swallowed whole, but that will be more likely to happen with small / medium sized pellets...
Grtz, Hans