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The final cost of the size of the page depends on the size itself. PAGE_SIZE_LIMIT-1, PAGE_SIZE_LIMIT-2 and EXTERNAL_RESOURCES-1 severity levels are hardcoded in parameters.xsl, but the final severity level should depend on the score, so as not to flag as "low" a page whose total weight is 2MB.
Actually, this feature was introduced in version v1.2.0, see, e.g.: http://dev.w3.org/cvsweb/2009/mobileok-servlet/src/org/w3c/mwi/mobileok/basic/servlet/xslt/common.xsl?rev=1.4&content-type=text/x-cvsweb-markup