Will a compatibility level of 2005 (90) limit size of DB to 2GB in 2008 Express?

I have a SQL 2008 Express 10.0.5500 with a single DB for a small application.  The application is experiencing performance issues.  I logged in and looked at the DB and notice the comp. level was lower than the server. I've search online and cannot find the answer to this question.  Will the comp. level restrict DB growth even though it is on a 2008 instance?