The rules ares changing for length of resume. In college, yes, it should just be one page, but that's because you most likely don't have any experience. The one page limit works because it makes you focus on the meat of who you are.
However, as you gain experience, then the one pager can become an artificial limiter. As many people have explained above, tailor it to the job you are applying to. But in the hacker community it will be important to show things you work on for fun as opposed to things you do to pay the bills.
My resume is currently 3 pages. First page is what I love to do (projects I am working on and consider important). Page two is how I get paid. Page three is education, skills, references.