It sounds expensive to have streams and repository workspaces keep copies of all files?
In some documents about Jazz Source Control it sounds like each repository workspace and stream has a complete copy of all the files and folders in the repository. This is an oversimplification. Under the covers histories are shared and when creating a repository workspace from a stream, only the pointer to the stream’s history needs to be referenced. Then as new change sets are created in the repository workspace they are appended to a new history owned by the workspace.