Having bumped up against the 200,000 code statement governor limit in some valid cases, it’s good to see that this safety mechanism is changing (presumably) for the better:
There is no more code statement limit. Although we’ve removed this limit, we haven’t removed the safety mechanism it provided. Instead we’ve limited the CPU time for transactions. The limits are now 10,000ms for synchronous Apex and 60,000ms for asynchronous Apex.
(From Winter ’14 Developer Preview; see the clarifying comments too.)
Edit: Also see Script Limits, Begone!