16
I have recently been doing extensive profiling around memory limits in .NET on a 32bit process. We all get bombarded by the idea that we can allocate up to 2.4GB (2^31) in a .NET application but unfortuneately this is not true :(. The application process has that much space to use and the operating system does a great job managing it for us, however, .NET itself seems to have its own overhead which accounts for aproximately 600-800MB for typical real world applications that push the memory limit. This means that as soon as you allocate an array of integers that takes about 1.4GB, you should expect to see an OutOfMemoryException().
Obviously in 64bit, this limit occurs way later (let's chat in 5 years :)), but the general size of everything in memory also grows (I am finding it's ~1.7 to ~2 times) because of the increased word size.
What I know for sure is that the Virtual Memory idea from the operating system definitely does NOT give you virtually endless allocation space within one process. It is only there so that the full 2.4GB is addressable to all the (many) applications running at one time.
I hope this insight helps somewhat.
I originally answered something related here (I am still a newby so am not sure how I am supposed to do these links):
Yes, in a 32 bits environment you are limited to a 4GB address-space but Windows claims about half. On a 64 bits architecture it is, well, a lot bigger. I believe it's 4G * 4G
And on the Compact Framework it usually is in the order of a few hundred MB