According to this text, based on the proper RFC documents, it's not 320 but 254:
http://www.eph.co.uk/resources/email-address-length-faq/
Edit:
Using WayBack Machine:
https://web.archive.org/web/20120222213813/http://www.eph.co.uk/resources/email-address-length-faq/
What is the maximum length of an email address?
254 characters
There appears to be some confusion over the maximum valid email
address size. Most people believe it to be 320 characters (64
characters for the username + 255 characters for the domain + 1
character for the @ symbol). Other sources suggest 129 (64 + 1 + 64)
or 384 (128+1+255, assuming the username doubles in length in the
future).
This confusion means you should heed the 'robustness principle'
("developers should carefully write software that adheres closely to
extant RFCs but accept and parse input from peers that might not be
consistent with those RFCs." - Wikipedia) when writing software that
deals with email addresses. Furthermore, some software may be crippled
by naive assumptions, e.g. thinking that 50 characters is adequate
(examples). Your 200 character email address may be technically valid
but that will not help you if most websites or applications reject it.
The actual maximum email length is currently 254 characters:
"The original version of RFC 3696 did indeed say 320 was the maximum
length, but John Klensin (ICANN) subsequently accepted this was
wrong."
"This arises from the simple arithmetic of maximum length of a domain
(255 characters) + maximum length of a mailbox (64 characters) + the @
symbol = 320 characters. Wrong. This canard is actually documented in
the original version of RFC3696. It was corrected in the errata.
There's actually a restriction from RFC5321 on the path element of an
SMTP transaction of 256 characters. But this includes angled brackets
around the email address, so the maximum length of an email address is
254 characters." - Dominic Sayers