It would be more correct to say that V8 has a 1G memory limit. But node.js actually gives you these nice things called Buffers which, according to the node.js manual, are "similar to an array of integers but corresponds to a raw memory allocation outside the V8 heap" (see http://nodejs.org/api/buffers.html ). Buffers are used all over the place in node, which should mitigate the degree to which this is actually a pro…
For a certain category of apps it helps to know the limits beforehand, though (I've described my use case in another comment). I think this particular limit deserves to be more widely known.