It depends on the action you want to record. If your performer is not turning around much, you can minimize the shoot space to maybe 10 ft. I did my first tests a couple of years ago in my living room with three Logitech cameras. The room is about 16 feet wide and I was able to put a camera on each side, but the cameras had to be placed fairly high up and pointing downwards. The 'forward' camera was placed much lower (below eye level.) This really wasn't ideal placement but I got okay results for the time. It should work better with the new software and PS3 cameras.
These days I use six cameras in a two car garage, arranged in a slightly wider than semi-circle configuration, which gives me about 6 to 7 square feet of usable performance space in a back corner of the garage. I think the garage is 16 x 20 ft, maybe a little smaller--I'll have to check. (You can see a pic of it on my blog
here. The space is a smaller than it looks in this pic by the way thanks to the 'magic' of the wide angle lens.)
If you have very limited space, the Kinect version might be better. I would wait for the beta to come out and read all the 'early adopter' comments.
G.
Edit: I said 'capture space' in the first paragraph, but I meant 'shoot space'. Big difference. (Corrected.)