It took me a while to look for what I can do to handle longer title. Here is what I did to solve the problem :
Using PHPMyAdmin, in the database under tables"Node" and "Node_revisions", you will find field "Title" with varchar set for 128. Just increase that size. Or you can change datatype to "Text".
This shouldn't be the problem for English only website but this could be a problem for any website running in other languages.