Dual booting on an SSD?

So I have a 120GB OCZ Vertex 2 SSD on the way and am going to dual boot Windows 7 Ultimate 64 bit and Linux(Haven't decided on a distro yet). I am wondering if this will be enough space to adequately run both OS's efficiently and speedy. Also if I want to use my regular 230GB HDD for media do I just make sure I change the path when I am downloading something or do I have to set something up in order to not store anything but the OS's on my SSD? Thanks.