I had an 8 gig for a choir concert last night. I was using my Canon S5 movie mode.
My allotted time at the beginning with no video was 60 minutes. So, you get about 1 gig for 6 minutes worth of standard definition video for point and shoots. Your camera should tell you how much time is left.
So, a 2 gig card would allow for about 12-15 minutes of video.
A word of caution about videos on these types of devices: try to keep your videos to about 4 minutes. Otherwise, you have these monster AVI files. So, start and stop (and restart if needed) frequently. This is most important if you are going to be saving some files to disc. The ones longer than 3-4 minutes might be too big for a regular CD and you will need to burn to a DVD.
If you are just viewing on a computer, then it really doesn't matter how big your files are, so you could tape as long as you want or your card allows.