Phil,
I shoot a 3/16 peep on all my bows. Target and hunting. I usually dont have an issue of not being able to find my target in low light. As far as a sight goes it depends on how much you wanna spend. Cheaper is not always better, just the same more expensive is not always better either. WHen it comes to sighting my bows in and relying on my equipment staying "true" I am very particular. THere is one sight that Gives me everything I Want. DUrability, precision, micro adjusting and the use of no tools to adjust, except for single pin movement. I shoot the Axcell Armortech. THey are a little expensive, but you really have no reason to buy another sight for a very long time. WHen you pick one up and hold it, you will quickly figure out why they are so reliable. THey are a super solid and sturdy sight. There is really nothing on them that can break, unless u shove something really hard into the sight housing. I know Jimbo has one and loves it. You can get them custom ordered with whatever size pins and colors you want also. I have 5 .029 and 2 .010 on my hunting bow. THey make several different ones but I would recomend the armortech HD. The only difference in the armortech adn the Amortech HD is the presence of a harmonic dampner in the HD.
If you must have a giant peep (1/4 or bigger) than they make the armortech vision. WHich is just an armortech sight with a 2 inch sight housing. Which is obviously made for more light and bigger sight picture