The top is contoured to fit the mudguard well, it's wide enough (~ 6") and long enough (within 1 - 1.5" of the ground) to catch most of what's splashed sideways when the front wheel goes through a puddle or spun off the middle of the wheel on wet roads, flexible enough that catching on things isn't a problem, and heavy enough that blowing backwards isn't much of a problem.

For the rear, I usually use a strip cut from an old 135 column listing paper binder, much the same stuff as the RAW flaps. About 3" wide and about 4" short of reaching the ground. Not fitted at present, on account of a lack of group riding.
The rear flap doesn't need to be very wide, but it should be long enough that a following rider can't see your tyre.

I found the reflective rear flap by the side of the road. At the time, I thought it was off the back of a lorry, but I've since found it's off the side of a reflective bollard. Unfortunately it cracked too easily to last very long (3 or 4 months).