I have a circa-1985 Craftsman 16 gallon wet-dry vacuum. The filter ripped in the middle of a job so I needed one right away. My local Sears did not have the correct filter in stock, so I bought one that I could make fit.
The filter I bought is at least 1.25 times bigger in both length and diameter. I modified the vacuum to accept the bigger filter by extending the center mounting post with some threaded rod. I also added a thin layer of foam to ensure a good seal between the filter base and the motor housing.
Upside: A lot more surface area of filter material, probably improving air flow. Downside: A decrease in the amount of debris that can fit in the canister.
Is there any other downside (or upside) of using a larger filter?
Note: It would be very easy to go back to the original filter as none of the modifications are irreversible.