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When registering your domain name you have option of using up to 63 characters. However just because you CAN do something does not mean you HAVE to. In most cases a shorter name will be more easily remembered by your visitors.
If your website is to be used for commercial activity and you are, or will be, generating a vast amount of traffic to your site then you will become greatly recognised - well done, but be aware that this may well generate copycats who will try and cash in on your traffic. These people will attempt to "steal" your customers by using domain names that are very similar to yours. For example you own we-are-millionaires.com and copycats will take we-are-millionaires.net, .co.uk, .org, etc. Therefore, if you are making good money, I would suggest investing some of this in registering all extensions that are available (.net, .org, etc) in order to protect your interests. You can then redirect these other domains to your main one so you do not need to upload your site to each.
Padawan is the webmaster for www.info-sales.co.uk