There are at least a couple of manufacturers of 40 round magazines. I've got the Tripp Research 42 and 52 round Cobramags, and they run very well.
Nordic components makes a kit that allows you to mod a PMag that will hold 47 rounds.
Magpul's got a 40 round design in the pipeline, though I don't know if they've announced a release date or not.
And, of course, there are the new Surefire magazines that were demoed at SHOT this year. The 60 rounder isn't much longer than a standard 30 rounder, but the 100 round magazine was fairly long. These still haven't been released to the public yet, and the last I heard, they were still working out manufacturing issues.
None of these magazines have the pressure damper shown in the Sketchup renderings in this thread, and I'm not completely sure what the purpose of such an addition to a magazine would be.
However, there remains the issue of length. Firing from a prone position is something to think about.
I've used my Tripp Research 42 and 52 round magazines from prone. For the 42 round magazine, shooting under timed pressure at steel targets at varying distances out to 400 yards wasn't really an issue. Just monopod off of the magazine and go to town.
The 52 round magazine is a little bit more ridiculous to monopod off of, and things can start to get a bit wobbly, but it's not a total impediment to hitting a target.
Where the longer magazines have a definite weakness is when shooting through a low-to-the-ground port. The solution is to either cant the gun and shoot it (rollover prone or the like) or switch to a shorter magazine before shooting through that port.