Personally, I think it looks better if everything is on the rug..
Of course, it depends on things, like if you don't have many stands, it may look strange with a Yuuge carpet with room on all sides just to include 1 stand.
Also, it can really depend on the size of the "venue". Sure, a big stage with big riser for drums is great, but if you sometimes play in small venues (like plenty of us have), where the drums are crammed into a corner against the "moved out of the way" pool table/chairs etc., and you have a big carpet, the whole band may be standing on the edges of it. (well at least the bass player)
I used to be pretty OCD about rug\mat size. Now I am OCD about how little "crap" I can get away with...
Today typically I use a mat that is around 3'x4'. Just enouugh to get the bassdrum spurs and pedal on with at least on leg of my throne to hold it down.
Everything else has rubber tips and since I don't play that heavy it all oretty much stays in place.
My days of dragging a 5'x7' (or larger) rug are pretty much over...
UNLESS there is a chance I may be playing on grass, or worse, dirt...
I went to Lowes and bought some dark gray indoor / outdoor carpeting. For 20.00 you get much more than you need.
I laid it out and set up the set. The important points are the bass drum spurs, hi hat legs and at least one or two of the throne legs (to keep it from sliding). The rest of the set needs no carpeting underneath. Since I don't sit bass drum front, but rather off to the side so I can face front, I cut off a bit at an angle to indicate to me where I want stage front to be. Whole thing ended up being about 3'-6" x 4'-0". I use either a 22" or 20" bass
I then taped it off, removed the drums, and cut. I got two drum rugs out of the piece I bought at Lowes. It's extremely light. I fold it up and it goes into my hardware bag (last in, first out).