It isn't just predators to consider: larger opening in wire or netting allow not just rodents in, but wild birds. These critters not only steal chicken feed but potentially introduce mites and disease into your flock.
Be careful when you're buying hardware cloth to confirm what you're buying. Galvanized before welding (GBW) hardware cloth is cheaper, but the welding process can leave open spots in the galvanized coating where rust can begin to form, which makes the hardware cloth tend to rust out and fail at...