The maximum size is around 2GB, but we cut it off long before you get to that point.
You should use custom license fields for control-flow and meta data for and about customers. It shouldn't be used to stuff large amounts of data that is shared between customers.
Also, you should really create separate custom license fields and use the TA_GetFeature("feature_name") API because it's optimized for quick lookup -- O(1) execution time. And you can use the LimeLM web API for quick queiries based on the custom license fields contents.
If you instead stuff a big JSON or XML blob into a single custom license field you lose that quick lookup speed and you lose the ability to efficiently search for custom license fields in LimeLM (interface and web API)