It is actually 2GB in SP2010 and SP2007, and this is a hard limit. However, each web application by default is set to 50MB. You can go to the General Settings of a Web Application and tweak this setting.
Central Administration -> Application Management -> Manage Web Applications
Once there highlight the web application that you want to change and then click on general settings
Once in general settings scroll to the bottom of the list and you will see the maximum upload size the default setting is 50mb this can be can set to a maximum size of 2047mb. If you try to go beyond this it does flag up and tell you that you have exceeded the Maximum size.
Once there highlight the web application that you want to change and then click on general settings
Once in general settings scroll to the bottom of the list and you will see the maximum upload size the default setting is 50mb this can be can set to a maximum size of 2047mb. If you try to go beyond this it does flag up and tell you that you have exceeded the Maximum size.