Small and highly-regarded, though not right and not accurate (8)
I believe the answer is:
specious
'small' is the definition.
Both the answer and definition are adjectives. Maybe they are linked in a way I don't understand?
I don't understand the rest of the clue.
Can you help me to learn more?
(Other definitions for specious that I've seen before include "Superficially sound but without real merit" , "Deceptively pleasing" , "Attractive at first sight" , "Copies us, being superficially good" , "Plausible but false" .)