well, today I got an answer from M-Audio tech support in regards to the 2 GB file limit and a possible autosplit feature.
here is the relevant text from a couple of emails:
Jason,
The FAT32 file format has a 2GB limit for an individual file.
We plan on releasing updates for this product through out it’s life cycle. Although we cannot give more information at this time, please check back for updates.
Please let us know if you need further assistance.
Take Care,
LE
and after further questioning:
Yes, the file split feature will be implemented in the next few weeks with
an update we are releasing.
So, there's our answer. I hadn't seen any info about this yet, so I thought I'd go ahead and post it here for everyone.