Hello,
Ten characters is simply the maximum size that the database schema supports.
Against an online attack (2000 requests per second which is more than is realistically possible given rate limiting controls, in reality we would immediately respond to an attack at 1/20th this speed), this is more than enough complexity, it would take 135,000,000 years to exhaust the search space of a 10 character alphanumeric password with mixed case (no special characters).
Against an offline attack (if a hash table were compromised and the attacker could directly compare hashes), the feasible amount of requests per second depends on both the hardware available and the efficiency hashing algorithm. md5 is a well-known baseline and it is possible for an attacker with modest hardware to compute 100 billion md5 hashes per second, which would allow him to crack 10 character alphanumeric mixed case passwords in ten weeks if they were encrypted with md5. However, md5 is a poor choice in the modern era as much more complex and inefficient algorithms exist. My personal favorite and recommendation (I cannot disclose the internals of our ecommerce application for obvious reasons, but I recommend the same password hashing algorithm to everyone who can use it) is the bcrypt algorithm with 10 iterations which requires 100x the time to crack as md5. The main draw of the bcrypt algorithm is that inefficiency can be increased on the fly, so if five years down the road from now, you want to make your passwords harder to crack, you can do so easily.
Rainbow tables (precomputed tables of all possible hashes) are the flavor du jour these days, but I am not aware of any publiclly available rainbow tables for 10 character mixed case alphanumeric. If one were available, the size would be 8TB.
Today, I don't believe our password field size to be a major security risk, but we are very interested in increasing it, simply because some users demand it, especially users using tools to autogenerate their passwords or using password managers such as LastPass (which I recommend) and who are used to having longer passwords. I think the user experience issue is very important here.
Please feel free to direct mail me if you have any further questions.
Thanks,
Kevin Ponds