wxDateTime stores the time as a signed number of milliseconds since the Epoch which is fixed, by convention, to Jan 1, 1970 - however this is not visible to the class users (in particular, dates prior to the Epoch are handled just as well (or as bad) as the dates after it). But it does mean that the best resolution which can be achieved with this class is 1 millisecond.
The size of wxDateTime object is 8 bytes because it is represented as a 64 bit integer. The resulting range of supported dates is thus approximatively 580 million years, but due to the current limitations in the Gregorian calendar support, only dates from Nov 24, 4714BC are supported (this is subject to change if there is sufficient interest in doing it).
Finally, the internal representation is time zone independent (always in GMT) and the time zones only come into play when a date is broken into year/month/day components. See more about timezones below.
Currently, the only supported calendar is Gregorian one (which is used even for the dates prior to the historic introduction of this calendar which was first done on Oct 15, 1582 but is, generally speaking, country, and even region, dependent). Future versions will probably have Julian calendar support as well and support for other calendars (Maya, Hebrew, Chinese...) is not ruled out.