The one page limit is for highschool/college students who have nothing of value to put on a resume. No work experience, no buisness success, few publications, few patents, no real-life experience, etc. So the highschool/college students often end up putting hobbies, they list every computer program they've ever seen, include the sports they played, or they list ever class they've ever taken. Guess what: if your degree is computer science, it is assumed you know how to use Microsoft Word and it is assumed you have an interest in computers, it is assumed you've taken computer related classes, and it is well known that you've never played sports. Thus, don't put it there. The 1 page limit is a guideline ONLY to eliminate this useless clutter.
But, once you have real experience, real results, etc. then go ahead and use as many pages as needed. At this point in a person's carreer, the 1 page limit is no longer needed to eliminate useless MYSPACE clutter.