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This is a video from Matt Cutts of Goolge explaining their policy on indexing sites and handling robots.txt directives.

Google are now indexing 350 characters from meta descriptions for their search results when users provide more than three keywords. This means you have double the space to get your message accross and can get more keywords into the text. It is also helpful because you can send a more meaningful message to searchers.

Google Official Blog Reference

Google page title

Google indexes 63 characters in the page title they use on the search results. Other search engines use longer titles.

Google meta description

Google indexes 155 characters from your meta description.