Well, it does say "Message Size." And if you cut and paste a large .txt file (created by, say, Terminal's pico text editor) that is on the order of, say, 128 kB, into a blank email's message body, then concurrently open a new blank email message, then drag, for example, the same PDF file that is on the order of, say, 768 kB in size per Finder Get Info, into each of the new message's body, then the two "under construction" mail messages will, in fact, report two different "message sizes" at about 1000 kB for the "attachment-only" message and around 1.2 MB for the "text-plus-attachment" message. At least they just did for me. So I don't know what all is being reported there, but doing the above experiment would suggest that it is certainly something more than just what can be attributed to the size of the file attachment alone, to the tune of about 200 kB.
But all that aside, it is, nevertheless, unfortunate that this functionality has seemingly been removed from Leopard Mail. It was a convenient "safety check" for senders when dealing with recipients whose mail account providers were known to impose somewhat draconian inbound message size limitations, even if were not exact. It would be nice if there were a way to enable such functionality in Leopard Mail, rather than to have to rely on the soon-to-follow MAILER-DAEMON messages from the intended recipient's mailserver.