The default target size is usually 500mb and/or 5m rows of data ... but I have seen segments stored at up to 2GB size.
Compaction itself is not considered too critical a performance area of the product (e.g vs query performance) ... but it does need to keep up with the ingestion rates so there are tuning parameters that can apply. Compaction performance is also highly dependent on the data being compacted and the desired time granularity and data partitioning schema. So there is a lot to experiment with here if you would like to dive into this area of the product.
Also, the new Multi Stage Query Engine (MSQ) can be used for compaction, and reports are that it runs much faster than native compaction jobs.