Is this what you need?
$size = get_post_meta( $post->ID,'meta_box_musicreleases_featrelease',true );
if ($size == "display_lrg_release") {
//do your large thing here
} elseif ($size == "display_sm_release") {
//do your small thing here
} else {
//do something when no radio is checked
}
…I think so.