I know it works for a 4 gig stick... at least. Higher than that I haven't tested.
Seeing as it doesn't use the same method as the other one, I can't see why it wouldn't, but don't take that as a "yes" and go buy a 16 gig card or something only to have it not work.
My advice would be, buy a 4 gig or higher and a 256 meg - 1 gig card to keep as a Magic Memory Stick in case you screw something up or whatever in the future.