Hi there,
About a year ago, trimark posted a support topic regarding word limit.
http://www.gravityhelp.com/forums/topic/character-limit-but-is-there-a-word-limit
I wonder if I could suggest this to be on the feature list.
GF is a powerful form creation tool and this feature will benefit if a user wish to create an article submission, competition, campaign, or even slogan competition.