Well not exactly 1GB floppy.
If you also read my post on the UK based Atari forums, you would have seen - about my question on "Monster floppy"
Jeff replied that the ST can read up to 256 tracks, note that normal floppy is about 20 tracks (both sides).
However, the PC software can create a 127 track floppy, the "monster" floppy.
Such a beast will be about 8 MB large ( 6 x 1.4MB).
Ok, so not 1GB but you should be able to transfer files > 1.4MB easily with this.
Of course we have to see the real hardware to confirm this