Remember seeing something about the size of insects at the time also being so big, and I believe they talked about the atmosphere must have consisted of a higher O2 concentration to allow them to grow as they did and the lower % today is a reason their size is limited. The dino's probably benefited in the same regard.
not quite. The large invertebrates were from the Paleozoic era, more specifically of the Carboniferous period (358.9 - 298.9m years ago), before the Mesozoic (252-65m years ago) era of the dinosaurs (Triasic -> Jurassic -> Cretaceous)
Carboniferous period was the "coal building" period as trees would just keep growing on top of each other as the earth simply lacked the terrestrial life needed to break it down. Oxygen levels were something like 35% of the atmosphere compared to 21% today.
also, recent study suggests dinosaurs actually lived with relatively low oxygen levels:
http://www.sciencedaily.com/releases/2013/11/131118081043.htm, and I was reading somewhere that oxygen levels matter more for animals with higher metabolic rates (such as smaller mammals) than it did for the larger dinosaurs, need to find that source tho.