funksen is correct. Per default the shell uses whitespace as field separator. I learned scripting on an IBM mainframe using REXX so i still follow the (there customary) convention of naming throw-away variables "." which works in ksh too. Like this:
As far as i remember the maximum line length for a ksh input line is a system constant and is IIRC 4096 or 8192 characters. If your string is more than 5k characters long a command with this string as argument will either already fail due to shell restrictions or at least be in danger of failing if the string grows over time. The error message will be something like "argument list too long" or something such. You might want to redesign the process which leads to such extraordinary long argument lists.