There is nothing I can really tell you. Our post table is fractionally under 500MB and it backs up in just over 4 minutes. I can't see any reason you could not backup much larger tables. I can think your problem is server related, maybe your host can help you.
Edit: Are you running in safe mode, or on windows (IIS), they both can affect the timeout.
Also, manually run the backup from the cron manager and see if you get a timeout error.
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