Is V1 really limited to 20min video?

I just did a search and saw someone mention V1 is limited to 20min video? Is that in highest 1080@60p? Can you get longer video limit for 720@60p? What are the limits for HFR video like 400fps? I don't understand why V1 has 4GB limit when I figure it's a newer camera and assumed it probably support exFAT or NTFS format

I have one on order with the recent V1 deal and was hoping to use as my secondary to NEX-7 and play around with HFR video shooting. Even the NEX series get about 30min or more video at highest 1080@60p before overheat and shut-off.