The help for "Using Rich Text Area Fields" (https://na5.salesforce.com/help/doc/en/fields_using_rich_text_area.htm) says:

• There are no limits to the number of rich text area and long text area fields that an object can contain, although your Edition's limit for the total number of custom fields allowed on an object, regardless of field type, applies. Each object can contain a total of 1.6 million characters across long text area and rich text area fields. The default character limit for long text area and rich text area fields is 32,768 characters. A long text area or rich text area field needs to contain at least 256 characters.

Does this mean that a single record can have at most 1.6 million characters in rich/long text fiels, or that all the rich/long data for an entire object can't exceed 1.6 million?