Yes, 2-min is the default setting. And in HD it gives 100 MB files.
You can change to 5-min and 15-min, but the gap between files may be bigger (time to write on the card). I haven't tested yet.
If you reduce the resolution files will be smaller I guess
For that I bought a fast 16 GB "class 10" SD card, allowing me to record up to four hours.
If you need a SD card, one of the best value for the price is the Transcend models available from Amazon.fr