is there any difference apart from chain wrap between 32-12, 2.6-1 and 42-16 givin you about the same 2.6-1?
Small sprocket sizes lead to relatively lower efficiency by increasing forces in the chain and thus sliding friction between the links. If you don't mind paying for it, there is a paper from the Department of Mechanical Engineering at Bristol University on the subject available here.
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Sorry, but I had to get a comment like that out before GregT :-)
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