Yeah, I don't generally consider the Kinsey data to be very representative or accurate, although I think some statisticians have gone back and attempted to correct the data, but even that would involve some speculation. This has been discussed at length before, so I'll just put my conclusion out there.
Think of it like this - a true 8" NBP dick is probably somewhere in the realm of 1/100 guys - maybe slightly more, maybe slightly less, but remember, this is a size that not even a lot of adult entertainment stars have.
Now, the average woman sleeps with something around 7-8 guys in her lifetime - not as many as we all thought eh? Of course there are many that sleep with dozens and dozens and many more that only ever sleep with one man, this is just the average that I've seen reported.
8 guys is a pretty low percentage chance that she'll run into the 8" specimens of the world. Also, factor in that the 1/100 statistic basically covers all guys, e.g. many of them aren't going to be potential partners for a given woman. For instance, a 35 year old upper middle class white woman probably is going to be interested in dating men of a similar type, as would a 19 year old asian immigrant, or a 45 year old hispanic woman with a doctoral degree, etc. When you consider the selection factors for the women, plus the average number of lifetime partners, and the actual rarity of penises in the 8" range, the odds aren't too great that any woman will encounter a penis of that size.
The same goes for the 4" I suppose - I haven't seen these data clusters to suggest that men trend toward the larger size of the spectrum, although that would make sense in terms of evolutionary theory as humans have developed abnormally large penises compared to other primates, but it's hard to say whether that's an ongoing morphic change at this stage.
So far as the argument about hung guys just getting around more, there may be a little truth to that, but not enough to actually skew the odds. Plus, this basically assumes that any guy with a big dick is a confident and promiscuous individual that naturally sleeps with tons of women - this is obviously not the case in all situations. I believe that I've read that a very high number of partners for a man is around 30 - say that hypothetically all guys with an 8" penis sleep with this many women. The number of total men doing this and the total number of women they fuck still aren't really that high so as to skew the odds significantly. Remember, there just aren't that many of these guys out there. I know the internet is deceptive, but even on a site like this there are very few clear cases of 8" dicks to point at.
The other argument I hear against this is anecodtal, as in "well my girl would never lie, and she swears that her last boyfriend was 9" easily." That's all well and good, but it seems every guy on the internet knows some girl that swears she slept with a statisitical freak (9" is in the neighborhood 0f probably 1/10,000 or more, similar to a height of 6'10", which I think is even rarer). Given that I believe many women never encounter too many penises out of the average range, the odds are that anything above average is probably taken to be huge or just remembered incorrectly, or frankly, the women are full of shit. Many people enjoy preying on the insecurities of others or have other psychological hang-ups, and this may cause them to BS about their sexual escapades. Women are just as insecure and full of shit as men, and I think this accounts for many of the personal experience explanations that men report from female friends and girlfriends.
There are other threads on this topic where the percentages are broken down a little more thoroughly, but basically I stand by the notion that any woman actually encountering a really big dick is pretty rare, despite what many believe. If you're in the 6" range, no woman would ever consider that to be small unless she herself is a statisitcal freak and has only slept with larger guys by accident, which is hugely unlikely. And, the more men a woman has slept with, the more she'll have been exposed to the true average and understand it, which most medically disinterested studies report to be under 6".