24-bit / 44.1 kHz audio takes up about 7.6 MB per track-minute. We record in stereo, so that's two tracks, or 15.2 MB / minute. That's about 912 MB / hr. So, a 2GB CF card will hold a little over 2 hrs of 2-channel audio at 24/44.
Not sure how you're getting 1 GB of space = 3 hrs of 44.1 kHz audio (at what bit-depth?). I thought maybe you were talking about 16-bit audio, but the math doesn't work for that, either: 1 hr of 2-ch audio is ~600 MB, so 3 hours of 16/44 would be roughly 2GB.