1 order of magnitude in 40 years? Doesn't seem a lot, but if applies exponentially would mean we will have some IDE in 2060 that's 25GB and someone will find it impressive. That's a lot of bytes for an editor.
1024 (2^10) is ~10^3 (I know switching bases!) vs say 10 (10^1), so two orders of magnitude larger in general. A gig 10^9 would be many orders of magnitude. An order of magnitude is generally a jump to the next power of 10. So 10 (10^1) is an order of magnitude larger than 1 (10^0) as 100 (10^2) is to 10 (10^1), and so on. People frequently misuse the term when speaking in technical terms. When the average person uses it to denote a big jump, I let it go - usually ;)
If you stick with base 2 I guess you could say many orders of magnitude (2^32 = 4,294,967,296 vs 2^8 = 256, or 24 orders of magnitude?).
Why? The common base is 10, and "orders of magnitude" is normally based on 10X between orders here. Ten fingers, decimal system, etc. Don't bring up metric vs. Imperial ;)
I work at an engineering firm, and that's how most engineers understand it.