When editing a tag except, the displayed "characters left" disagrees with the character count used by the error message:
As you can see from the screen shot, the "characters left" indicates that the text length is within limit, but the error message indicates the text length is too long by 3 characters.
Experimentation lead me to conclude that new line chars are not counted by the "characters left" indicator, but are counted by the code that generates the error message.
To reproduce, use this text (not including the final new line):
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Etiam fringilla, ipsum eget facilisis tristique, est arcu convallis sem, vitae volutpat lectus lectus eu neque.
Aenean porttitor, diam in gravida finibus, massa sapien egestas leo, eu aliquet nisi felis ut velit.
Curabitur condimentum dui congue dolor ornare, sed semper risus tristique. Phasellus eros ligula, vehicula vitae sapien ut, lobortis aliquam ante. Sed accumsan vestibulum tempus. Cras aliquet