The algorithm is quadratic in the input size. For a Gigabyte of data, that's 1024^6 operations. Dividing that by 3 * 10^9 operations/second (assuming a 3GHz CPU), 86400 (the number of seconds in a day), and 365 (the number of days in a year), we obtain the runtime (in years) assuming that comparing a single byte takes exactly one operation. Dividing 1000 by that number, we get ~82 operations to compare a single byte, and that doesn't look unreasonable.
They're quoting exponential (2^N), not quadratic (N^2) time.
If on some machine a quadratic-time algorithm took, say, a hundredth of a second to process 100 elements, an exponential-time algorithm would take about 100 quintillion years.