Yes the standard IDE addressing will run out at 128Gb (binary gigabytes = gibibytes or whatever the hell it is) or about 137 000 000 000 bytes.

However there is an extension to the IDE standard which allows for twice as many addressing bits by writing the address in two parts. i.e. instead of 2^28 sectors you'll be able to have 2^56 sectors.

2^56 sectors is about 33554432Tb (again binary terabytes or tibibytes or whatever), so that should cover us for a while.

This is all from memory as I don't have the standard here but the basic concept is right and the order of magnitude of the numbers is correct.