A Facebook status may have character limits, but considering that it is at 63,206 characters, unless you are writing War and Peace, you should be fine. Facebook has raised this number 12 times to accommodate user’s status and feedback.
Facebook wall posts have a 63,206 character limit same with status, but truncation begins at 477 characters. This enables someone to write a thoughtful response or create something similar to a blog.
An area which is rarely used in Facebook is the Notes section. It is a writing area which many bloggers find useful. The reason is because Facebook Notes does not have a character limit, as of yet. Users are directed to this area if they have very long status or comment to make. This can be used to someone's advantage if they have a longer post to make and wish to share it with their friends through tagging.