That last limitation encountered was a 137GB (or 128GB in binary) hard drive size, as the controllers built into older chipset could not address anything larger than that. Your system is new enough that that's not an issue.
Before that it was a 32GB limitation. And 8GB. And I think there might have been a 2GB limit. And 527MB (yes, we used to not even be able to rip a CD to an ISO file).
The limitations based on software were primarily due to the formatting technique used. FAT16 (DOS days) was limited to 2GB partitions. FAT32 supports up to 8 terabytes, however Windows XP will not format partitions larger than 32GB with FAT32, as NTFS is preferred for those. FAT32 is also limited to 2GB or 4GB file sizes depending on the application.
With NTFS you're essentially unlimited in your partition and file sizes.
Retail hard drives usually come with software to help you perform a drive to drive copy. If you buy an OEM drive, you can also usually download the tools from the drive maker, and there are other free utilities that you can easily locate if you search.