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I was asked for this by a client after migrating her site from a custom CMS where images had quite long descriptive text attached. Newly uploaded images had to have very short descriptions. After verifying that there was no limitation in the DB or additional form validation I managed, using hook_form_alter and an #after_build function, to alter the description field to be a textarea, which now seems to be working fine.
This is not the ideal way to handle the problem: it would be great if the module made it easier, perfect if there were a switch in the admin form for the field.