i've actually found out the following according to the standards committee (
http://www.t13.org),
up until ATA66 there were only 28 bits for addressing blocks on the drive (of 512 bytes), which makes 128Gb (or approx 137.000.000.000). now, with either ATA100 or ATA133 this changed to 48 or 64 bit addressing (didn't find that).
the only influence left now is the way it's implemented in the hardware. eg. there are ATA100 PC's that don't work with >128Gb drives.
reading apple's spec on the new iMac's (USB2.0) there is an ATA100 controller in there. concluding from the drive size available as BTO (160G) this would suggest that there is a lot of addressable HD space in that iMac...