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As for character count I wouldn't sweat it; just use whatever is necessary to write a fairly concise title that will be understood by your site's visitors.
If you select, say, 200 words, then you are effectively arguing that there is no heading for the page (if everything is #1 priority, then nothing is!).
Plus it is quite possible (probable?) that SEs have seen H1 abuse so often that they simply pick your first x characters, should you fail to place the </H1> appropriately.
[edited by: Quadrille at 5:12 pm (utc) on June 30, 2008]