Is there any distance limit to groups? If we're both at Port Olisar and one of us travels as far away as possible, is there a limit where suddenly we drop out of the party?

No.

There'll just be a limit on that little identifier that tells you where they're at.

Yeah, you might not have accurate information about where they are. And I think I saw a question about whether or not you can find out information about party status, party member status. And we don't have that yet. And the first iteration of that that we're thinking of was to have these event notifications go into the party chat to tell you when something major happens, when someone dies and things like that, just to have a log of the events.