It's true (see http://www.google.com/gmail/help/about.html ). While it is huge, they can easily handle it -- they have most of the web pages on the Internet cached.
1GB, though, isn't all it's cracked up to be -- I've got close to 200MB of posts from the IMail Forum sitting in my mail client.
I'll one-up you here...I've got every E-mail sent and received (minus a few large attachments) since 05/30/1996 on my PC thanks to Netscape :)
Matt
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