There is definitely a stigma to being a spring pledge (I was a fall pledge, thank God), and it really doesn't correlate to chapter size in my opinion.
There are a variety of reasons spring classes tend to be sucky - both on the part of the actives and pledges. Actives tend to not care as much about spring rush since "spring classes are usually smaller" and won't work as hard to recruit outstanding men. Also smaller classes create less enthusiasm towards the pledge program (i.e. "all this work for such a small number..."). Both of these are dumb reasons, but unfortunate realities.
In terms of the pledges, most of your really good guys already rushed in the Fall. I think the character of a spring pledge is a little less motivated and a little less accomplished. It doesn't mean they become bad brothers, it's just that combined with laziness on the chapter side they're not the shining stars you see in fall classes.
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"Delta Chi is not a weekend or once-a-year affair but a lifelong opportunity and privilege"
- Albert Sullard Barnes
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