Vocabulary Word Wall

I am somewhat limited on bulletin board space in my classroom.  Don't get me wrong, I have an amazing science lab with a ton of space, and I would not change it.  However, I do only have two small bulletin boards.  I get frustrated with this at times because I have seen so many great ideas for bulletin boards that I either try to do on the wall with tape (huge disaster), or that I simply can't do.  I do have two small square bulletin boards.  I use one for my word wall, and one I try to change seasonally or with different units.
Here is a look at my word wall:

Things that I like about it:  The SWEET scientist that my awesome and talented Mom made for me and the science border.  It is low maintenance because I have all of my vocabulary words laminated and staple all of them up at the beginning of the year.

Things that I HATE about it:  It is not interactive AT ALL.  In fact, sometimes I wonder if the students could even tell you what's back there (Did I mention that both of my bulletin boards are in the back of the room?)  The words are very small (so that I could fit them all on the board), so they cannot be read unless you are in the back of the room.  I can't put any kind of heading on the board because there is no room.

In the past, I did not put the words on the word wall until after the students learned them.  I would post them on the front board first and then add them to the wall after they were learned.  This got to be time consuming and the words were too small to see on the front board from their seats, so I ended up having two copies and it became a huge hassle.  I still put the words that we are studying on the front board, but I miss the interaction with the word wall.

I came across this vocabulary idea on The Science Penguin web-site (She has some great ideas!)

 I really want to try this right away with students.  Has anyone else tried this?  How did it work?  Any other ideas would also be appreciated!!!!!