The Block Access Management Guide for iSCSI and FC (bsag.pdf in the ONTAP documentation) gives a clearer answer... that if you don't have snapshots then the lun can be the size of the volume. I tend to be more conservative but without snaps it states it is ok.
http://now.netapp.com/NOW/knowledge/docs/ontap/rel801/html/ontap/bsag/GUID-35B62404-7D9B-4163-B43E-A5CDD9DDB399.html
If you are not using Snapshot copies, the size of your volume depends on the size of the LUNs...
The FlexVol volume should be at least as large as the size of the data to be contained by the volume.
Example
If you need a traditional volume to contain two 200-GB LUNs, you should create the volume with enough disks to provide at least 400 GB of storage capacity.