Characterization of the propagation channel is the first step toward the development of accurate MIMO channel models. Unfortunately, comprehensive characterization of the UWB propagation channel requires a complex measurement setup. Usually, simpler configurations are used for space-time characterization which leads to biased statistical results. This paper presents a simple configuration which enables the estimation of the full 3D space-time characterization including polarization and frequency dependence. The use a 3 or 5 axis antennas in a virtual Uniform Circular Array is the novelty. This setup removes major drawbacks of Uniform Circular Array and offers an acceptable compromise between performance and complexity.