I've not found a way to limit it... Seems odd.
The archive.plugin file has virtually no variation between versions but a related core file must have changed and it doesn't allow a limit at all.

That's bad, my blog is 5 years old... 60 lines is a little too much to show archives using this plugin.

I will try to check the code next weekend.

Agree with slamp. I have found the same problem and while I don't yet have 5 yrs worth of archives the current full listing is distorting the layout for all my pages; blog content is incorporated into other content. Any chance of making any upgrade to any version of V3 out of the question for my other sites until this is resolved - hopefully the stable version will fix.

The head honcho Twittered that an update is due soon...
http://twitter.com/b2evolution
I've just deleted Archives for now and wait :)