Seems like my first approach was a bit bad, i now made a scene with 53 2 Mil poly planes with no history. Works fine. Creates a maya ascii file that's a whopping 8.12 gigabytes ascii file. However maya does seem to want to cram a sizable protion of that in memory at one time as maya reserved 1-3 giga in memory for saving the file in chunks. It also seems to use the data 2 times over.
Please note i have skipped maya 2010 because it didnt offer anything new so i did it on a maya 2011. Works and seems like the 2009 is working out too.
OK so the problem is probably how maya caches this stuff. Not much you can do about that. So it may come down to your disk controller. Since i have a raid slapped here mine is pretty good at sustained writes. Writing it out took a loong while but actually maya did something in memory before dumping the file out.
OR it actually needs to have the shapes in separate objects as maybe itts writing one object at a time.