Given infinite time, the number of pages that could be generated is infinite.
Now, if you are going to have pages and urls that are bigger in size than the memory of even the biggest computers in the world, so that you can't hold them in memory at any time, then the point above isn't useful for you (and in this case you are right). But urls bigger than memory are probably useless, even if webpages bigger than memory aren't.
And if you have to have urls that are finite... then my point holds: even in infinite time, you won't have infinite amounts of urls.