If I am interviewing someone fresh out of school, I can forgive a rambling resume. However, for an experienced person, I am looking for some ability to present information concisely. It's like a design skill: can you present a focused view of the most relevant information? If you think that more than two pages of information is required to advertise yourself for a job, then you are quite likely lacking that skill.
I still think that a one-page limit is where it's at. Don't put down obvious bullet points. If you were a Windows system admin, don't waste a line on writing that you administered an active directory server. Of course you did that as a Windows sysadmin. No, tell me what you did that made you different than a run-of-the-mill person doing the same job.