The F1 has 2MB (2048K) of flash memory, which is utterly enormous when compared to any 'normal' computer.
The number of dives you can log depends on what data you save, and how often you sample/save it. If you want salinity, temperature, depth, and velocity, all recorded at 4 samples per second, then you will be able to record a certain number of dives. If you only have depth, recorded at 1 sample per second, then you can record way more dives, and so on.
If you recorded data similarly to a D3, i.e., depth at 1 sample per second at 8-bit precision (same as D3), then you could record 2,000,000 seconds of dive data, or 555 hours.
If each dive lasted 1.5 minutes, then this would equal about 22,000 dives.