The 7z archive from the official website is only around 82 MB but unpacked is 1.96 GB. With assets, cheats, BIOS files, etc, my current install sits at 2.12 GB on a FAT32 32KB cluster SD card.
Also, it seems the assets directory has changed from what's listed in the instructions in the OP. The default is now sd:\retroarch\assets instead of sd:\retroarch\media.
Also, it seems the assets directory has changed from what's listed in the instructions in the OP. The default is now sd:\retroarch\assets instead of sd:\retroarch\media.