Agreed, round ram is better than trying to use a drill press as a mill... not that I would know (Jacobs chuck taper doesn't hold well to side loading LOL).
Worth noting: I have never used a round ram BP.
You say you have a small shop. I also have a small shop. 24'x24' to be exact. I have stuffed enough machines in there to be a cluster-F, but still manageable. (trust me, it's a sh*t-show in there, but I can still get work done on the side).
7 machines in my garage, plus 60gal compressor and 2 RPC's (10hp and 20hp) plus workbenches, toolboxes, etc (usual stuff).
-BP clone, full size (KBC Machinery)
-Monarch 10EE toolroom lathe
-Abene VHF-3 universal mill
-Hardinge CHNC with barfeed
-Tree Journeyman 325 CNC kneemill
-Harig 612 grinder
-Clausing Colchester 15x50
And a Sno Jet... (not metalworking related)
Space will always be an issue if you like to keep things under cover, unless you either a) don't have much to cover or, b) have a very large building.
I would think the difference in size between the round ram BP and a newer standard-size BP would be well worth the minimal difference in loss of space for something more capable and modern. Then again, what do I know, I've never handled a RR BP. Just my $.02 on the space factor, or lack thereof.