If you store xml in an xml typed column, the data will not get stored as simple text, as in the nvarchar case, it will be stored in some sort of parsed data tree, which in turn will be smaller than the unparsed xml version. This not only decreases the database size, but gives you other advantages, like validation, easy manipulation etc. (even though you're not using any of these, still, they are there for future use).
On the other hand, the server will have to parse the data upon insertion, which will probably slow your database down - you have to make a decision of speed vs. size.
Edit:
Personally, I think that data in the database should be stored as xml only when it has structure which is hard to implement in a relational model, e.g. layouts, style descriptions etc. Usually that means that there won't be much data and speed is not an issue, thus added xml features, like data validation and manipulation ability (also, last but not least, the ability to click on the value in managment studio and see formatted xml - I really love that feature!), outweight the costs.
I don't have direct experience in storing large amounts of xml in the database and I wouldn't do that if I had the option, since it is almost always slower that a relational model, but if that would be the case, I'd recommend profiling both options, and choosing between size and speed that best suit your needs.