It is pretty crazy how much space it is. 1.5m x 2m doesn't sound like much on paper, but I'm still amazed at how much space it looks like now that I've re-arranged things. I can't even fathom what 5m x 5m would be like. I saw one game require 3m x 3m(!) which is pretty demanding. Even if I lived in a huge house that would be a massive challenge (can't think of many rooms that are 5 x 5 let alone including furniture and the like).
The good news it is perfectly manageable with 2m x 2m with the exception of one or two titles that ask for more. I'm quite lucky that on three of the sides I actually have a low object so I have room beyond those limits to use the controller. The next update to the chaperone should include being able to map the vertical height of objects to use that space confidently within games.
I think given a lot of living rooms are very rectangular it will be a challenge, especially if you live in one of those typical tiny flights that are being made these days (which I'll probably end up in) and even worse if you share with others. However, it is not totally insurmountable depending on how much space you have and how open you are in your approach to furniture. Do you really need a coffee table in the middle of the living room? I certainly don't, it just becomes another place I need to tidy.
I'm happy to adopt a more minimal life in terms of physical objects. The best thing about the Vive is I got rid of all my old rubbish, which was a great lesson in not buying rubbish. I am fully committed to an all-digital future, and will not buy useless special editions ever again. Having tried it out, I'm willing to make these sacrifices if it becomes bigger in future, and so will others. But as it stands I can see why it is difficult to be bothered to go through the setup.