The OP made no mention of installing Windows, the question was:
"What is the maximum NTFS disk partition allowed by Windows XP Pro SP3?"
Installing Windows on dynamic volumes may not be a very common thing to
do (and if it were it would have to be on a "retained" dynamic disk so
the 2TB size limit would still apply) but using dynamic volumes for data
storage is something that is often done. NTFS dates from the early
1990's and while it isn't "New Technology" that is what you get if you
are running Windows XP and as far as I know that is also what you will
get with Windows 7. There was a mention when Vista was being developed
that a new file system was in the works for it but in the end Vista
shipped with the same NTFS version as Windows XP and Server 2003.
Server 2008 uses the same NTFS version so I don't expect a new version
for Windows 7, but I don't know so that is a guess. The difference is
that the newer Vista and Windows 7 can handle GPT disks which aren't
constrained by the 32-bit partition table, the partition on these disks
can be larger than 2 terabytes, this has nothing to do with NTFS per se.
Windows XP 32-bit cannot handle GPT disks but the 64-bit version can.
Server 2003 32-bits uses the same NTFS file system as Windows XP
32-bit but it can handle GPT disks. It has nothing to do with NTFS, I
believe it has more to do with the disk.sys driver lacking GPT support
on Windows XP 32-bit.
John