If you are using MySQL as a session store, all your session data exists in serialized form in the database:
mysql> desc sessions;
+------------+--------------+------+-----+---------+----------------+
| Field | Type | Null | Key | Default | Extra |
+------------+--------------+------+-----+---------+----------------+
| id | int(11) | | PRI | NULL | auto_increment |
| session_id | varchar(255) | YES | MUL | NULL | |
| data | text | YES | | NULL | |
| updated_at | datetime | YES | | NULL | |
+------------+--------------+------+-----+---------+----------------+
4 rows in set (0.02 sec)
The maximum number of sessions, not the individual session size, is actually limited by the number of rows per table
in the MySQL database -- which is quite huge -- or by your disk space but not by Rails itself.
See "Maximum number of records in a MySQL database table" for more information.