This is not a bug, but I thought it was worth noting that a little preparation can go a long way in solving memory and upload size issues.
I exported my Wordpress database and it ended up at about 39 Megs, causing all sorts of problems when trying to upload it using this module. After messing with it for a while, I took a look at my export file itself and noticed there was a lot of unapproved spam comments in there.
Using the Spam Karma plugin for wordpress, I went in and deleted all of the unapproved comments. I re-downloaded my database and this time it was about 5 Megs. It imported just fine and everything worked as expected.
A lot of you out there with huge databases might just need to clean your database up a bit before you export it.