The 60 minute limit has been removed on several cameras. However, the hack to do so needs to be implemented on a per camera and per firmware version.
So far the supported cameras are the a1200, ixus230_elph310hs, sx240hs, sx260hs, sx50hs, sx230hs & sx220hs.
Also, depending on the video resolution you choose, you could run up against the 4G FAT32 file size limit.
However, you might want to also look at this :
http://chdk.wikia.com/wiki/Continuous_Video_Scripts