What it comes down to is being good w/what you're comfortable carrying whether it's a 5-shot .38 or 17-shot full-size 9mm while hoping A) You never have to use it, and B) It's sufficient to stop the threat if you do have to use it.
Well, if it's just about "feeling comfortable" then maybe that's true. But if we decide we actually want to plan for a specific scenario then it's not really just about what a person is comfortable carrying. B) can be a problem with some carry choices if you look at the probabilities even for reasonable scenarios.
Let's start with some assumptions.
1. We want to make sure we carry something that gives us a better than 50/50 chance of "winning" against a single determined attacker.
2. It takes 2-3 hits to stop a determined attacker.
3. A reasonable hit rate probability per shot in a gunfight is 30%.
Pretty basic stuff; we could restate those assumptions by saying that we want our gun to serve as more than a talisman we hold up to make evil magically disappear, and that we acknowledge that people miss when under extreme pressure and that determined humans don't stop at the first sign of resistance.
Is preparing for a single determined attacker reasonable? Well, that's pretty much the minimum scenario where you would actually need to have a loaded gun. If the attacker isn't determined (and admittedly many--maybe even most--aren't), then when you start to draw, the encounter is already over--it's only when the attacker is determined that actually shooting will be necessary.
So let's look at the best case probabilities for that scenario.
A 5 shot pocket gun won't meet the success threshold. If we need to make 2-3 hits, the probability of making those hits before the gun runs dry is 16% (3 hits required) to 47% (2 hits required). A person who wants to prepare for the scenario above (single determined attacker where 50/50 is the minimum acceptable probability of success, 2-3 hits are required to neutralize and a hit rate probability of 30%) shouldn't pick a 5 shot pocket gun. It doesn't matter how comfortable it is to carry or how comfortable they feel about carrying a 5 shot gun. It just doesn't meet the success criterion that they set as being reasonable.
Let's look at a 6 shot gun. The odds of making 2-3 hits is 26% (3 hits required) to 58% (2 hits required). It only meets our established success criteria on the low end (2 hits required to stop) but won't give us an acceptable probability of success if it takes 3 hits to end the encounter.
Cutting to the chase, one needs to have 9 shots on tap before the defender has better than 50/50 odds of making 2-3 hits. The probabilities are 54% (3 hits required) to 80% (2 hits required) of success.
It's important to understand that a 9 shot gun doesn't guarantee success. What it does is provide an acceptable probability of success in the best case scenario--it gives you better than a 50/50 chance of success if all that's required is 2-3 hits and you get a chance to use all your ammo. Obviously there are still many things that could go wrong. Things like getting shot before you get your 2-3 hits, the gun jamming before you get off all your hits, never even getting the chance to draw, 2-3 hits not being enough to stop, etc.
On the other hand, a gun with less than 9 shots, no matter how comfortable it is to carry or how comfortable the defender is with carrying it, just won't give the probability of success we set as being the minimum acceptable. A person who wants to prepare for the scenario above (single determined attacker where better than 50/50 is the minimum acceptable probability of success, 2-3 hits are required to neutralize and a hit rate probability of 30% is assumed) but is carrying a 5, 6, 7 or 8 shot gun is actually preparing for failure, not success.
The point isn't that carrying more rounds will guarantee success, the point is that we need to be realistic about what we're preparing for. Or, said another way, given a particular carry gun, we need to be realistic about what we are actually prepared for.
This helps us keep a proper perspective. I see people talking about going up against multiple determined attackers with a pocket pistol--maybe to end an active shooters scenario. Should you do that? Well, you'll have to make the decision on the fly based on how you see the circumstances of the scenario. What this analysis provides is a reasonable perspective on what your chances of success are.
Once we understand what reality is, it helps us make better risk assessments.
It can also help us understand the value of training and skill.
Let's play a "What if?" game. What if we could increase our effective hit rate per shot from 30% to 35%? Even with that relatively small increase in hit rate, now an 8 shot gun provides a higher probability of success (57% if 3 hits required to 83% if 2 hits are required) than we saw earlier with a 9 shot gun and a 30% hit rate.
So with just that incremental increase in skill, now we could carry a slightly smaller, lighter gun and actually be slightly better prepared. Or, said another way, if we carry the same 9 shot gun, now we have one "spare" round that might bail us out in a particularly sticky situation.