Correct fit is a topic that I address frequently. Standards do shift and change over time as fashion changes.
Angie at youlookfab (a fashion blog) has written an interesting post identifying three different types of fit. You can find it here. It is not specific to hand knits however her posts all relate to developing personal style.
I definitely am focused on tailored fit. Years of sewing suits to wear at the office set a very clear standard for the clothing I want to create. I love the look of over-sized fit but experience has shown me that it just does not work with my body proportions. When you read the three definitions think about what is your preference and why. Once you pin that down it is much easier to choose patterns for future garment projects by always comparing them back to your preferred fit.
We can learn and apply much from these mainstream fashion bloggers. Here as a bonus link is a post about "How to Wear a Chunky Knit Sweater" from another of my favourite bloggers, Imogen of Inside Out Style