Ok well I figured it was time to stop guessing and do some homework (damn -- Das and I were both way off). So I took a fresh server with only ONE character, and maxed everything out that I could think of on him... Here are the evidence photos. I now have my conclusion based off of this research, feel free to draw your own (on how much physical disk space a SINGLE character can take up "max"):
Picture 1)
I maxed out bag(incl fashion)/bank/pet bag/skills/quest log/guild-faction/macros/hot bars etc etc etc...
Picture 2)
The two files compared are: I took the 'raw' XML of this one character and saved it into a file, named 343.prof -- so the file size of 343.prof is all the XML data in it's own file. The directory dbdata is of course the entire dbdata directory for the server (fresh server install with only ONE character creation and maxing out)
I'd personally probably use an estimate of 115,000 bytes PER CHARACTER {//or 920,000 bytes PER ACCOUNT/8chars} accounting for anything I forgot to use as a part of my study, or for things that would normally apply but that I could not apply to this study. Example would be (since he was the ONLY character on the server) the friends list, and black list...
So I guess - all in all - at the final conclusion of this study; I would say a-lot 1 MB per ACCOUNT/8chars (even though not all accounts will make 8 characters, let alone fill them all up like this-necessarily) -or- 1 GB per 1,000 ACCOUNTS/8,000chars -or- 1 TB per 1,000,000 ACCOUNTS/8,000,000chars.