I have a three column table with just over 6 Billion rows in SQL Server 2008 R2.
We query it every day to create minute-by-minute system analysis charts for our customers. I have not noticed any database performance hits (though the fact that it grows ~1 GB every day does make managing backups a bit more involved than I would like).
Update July 2016
We made it to ~24.5 billion rows before backups became large enough for us to decide to truncate records older than two years (~700 GB stored in multiple backups, including on expensive tapes). It's worth noting that performance was not a significant motivator in this decision (i.e., it was still working great).
For anyone who finds themselves trying to delete 20 billion rows from SQL Server, I highly recommend this article. Relevant code in case the link dies (read the article for a full explanation):
ALTER DATABASE DeleteRecord SET RECOVERY SIMPLE;
GO
BEGIN TRY
BEGIN TRANSACTION
-- Bulk logged
SELECT *
INTO dbo.bigtable_intermediate
FROM dbo.bigtable
WHERE Id % 2 = 0;
-- minimal logged because DDL-Operation
TRUNCATE TABLE dbo.bigtable;
-- Bulk logged because target table is exclusivly locked!
SET IDENTITY_INSERT dbo.bigTable ON;
INSERT INTO dbo.bigtable WITH (TABLOCK) (Id, c1, c2, c3)
SELECT Id, c1, c2, c3 FROM dbo.bigtable_intermediate ORDER BY Id;
SET IDENTITY_INSERT dbo.bigtable OFF;
COMMIT
END TRY
BEGIN CATCH
IF @@TRANCOUNT > 0
ROLLBACK
END CATCH
ALTER DATABASE DeleteRecord SET RECOVERY FULL;
GO
Update November 2016
If you plan on storing this much data in a single table: don't. I highly recommend you consider table partitioning (either manually or with the built-in features if you're running Enterprise edition). This makes dropping old data as easy as truncating a table once a (week/month/etc.). If you don't have Enterprise (which we don't), you can simply write a script which runs once a month, drops tables older than 2 years, creates next month's table, and regenerates a dynamic view that joins all of the partition tables together for easy querying. Obviously "once a month" and "older than 2 years" should be defined by you based on what makes sense for your use-case. Deleting directly from a table with tens of billions of rows of data will a) take a HUGE amount of time and b) fill up the transaction log hundreds or thousands of times over.