Hi.
I agree with Btrend completely. But let me add something to make his word clear. λ is inversely proportional to "L", so with that equation he (Btrend) mentioned, Id will change with L, even if aspect ration remains constant. Besides, "L" specially in input devices will change input referred noise and in cascode devices (e.g. in a conventional cascode opamp) the magnitude of "L" will change ro but at the same time it will change the nondominant pole. So there are some trade-offs in choosing the right "L" for each device. Usually, we start our design with minimum "L" and if it is needed, we will increase it little by little.
Regards,
EZT