I've already reported the string length issue as a bug in the bug forum.
I've also confirmed that the standard * wildcard does not work. Other full boolean text search operators seem to work, such as +, - and grouping with quotes "". No wildcard however. Also reported but not yet resolved.
My users won't use the search function now. I had such hopes when I heard it was going to be full boolean text search. The current implementation is quite a few steps backwards from UBB.c unfortunately.