I actually really like it on you...but who cares? You have to be comfortable in it, period.
My timing on this is very good, because I was just reading about etiquette the other day (I get really bored on my commute).
Good etiquette dictates the following:
-First, once the giver releases the gift to the recipient, they must do so with the understanding that the gift is no longer in their possession and that they have no say in what the recipient does with it. It is completely acceptable for the recipient to give it away, sell it, return it, or just not use it. Furthermore, it is bad etiquette for the giver to inquire about it later, as this may cause an embarrassing situation for all parties (obviously you can't control that, but take comfort in the fact that it's bad manners).
-Second, in every situation, you must always accept the gift graciously and leave it at that. If it isn't to your liking, you must never make it known to the givers. As stated above, you are free to do what you please with it once it is in your possession, so there is really no reason to express dissatisfaction. The only acceptable request is to swap for a different size.
Now, obviously a lot of people here disagree and think you should tell your friends--so you could very well say "to hell with etiquette." But I felt obligated to share the Emily Post standard