Oops, the ME720F is the enclosure I did buy, not the larger one. Same performance of course.
I don't know what chip Maxtor and Western Digital use, but
this mentions that IEEE-1394 has a native 32 bit address capability and Maxtor uses a bridge board with firmware that connects it to the 48bit addressing of their ATA133 interface. The Oxford911 chip datasheet doesn't specify a limitation in drive size, so I would presume that it's actually a limitation of the firmware used in the bridge board, not the bridge chip itself (similar to how many motherboards can be updated to support 48 bit addressing without supporting ATA133). I couldn't find any other mentions of how this limit is bypassed.
One thing I found that I hadn't been aware of; apparently a USB2.0 connected hard drive can't be formatted from within Windows, as USB is considered a peripheral bus but Firewire is considered a drive bus so it works fine. The article writer said that Windows can't even see the drive unless it's already formatted. The review I read was of a USB2.0 drive enclosure, and the only one I've bothered to read, so maybe he was just stupid, but that seems like a rather large downside to a USB drive.