Huh? BCrypt works by stuffing the password into a 72 byte Blowfish key and using it to recursively encrypt a 24 byte payload. Either it's truncating, or it's pre-hashing the password to fit much like they are.
The link they use to justify it is funny: http://arstechnica.com/security/2013/09/long-passwords-are-g...
That's just a naive PBKDF2 implementation that's pointlessly reinitializing the HMAC context each iteration instead of just doing it once at the start. The difference between storing a 1 byte and a 1MB password with PBKDF2 should be on the order of a couple of milliseconds.