No. If you wanted to have a 5GB file on your site, you're welcome to do that, however you'll want to keep inmind your bandwidth transfer per month and the download speeds of customers.
While there's no file size limits, we have experienced a number of people who upload in excess of 8,000 files to a single folder. While the files will still exist, the system will only show the first 2,000 files. Certain FTP softwares will let you display all the files that begin with "T" for example, and this is one way to see the other files after the 2,000 file count cut off.