CB 1.x isn't using the Imagine library for image processing. CB 1.x also didn't utilize the majority of Imagick API. So it doesn't have the constants that were removed in Imagick 7.x. There's nothing I can do until it's fixed in Imagine, which the bug ticket is still open (see link in my previous reply).
You certainly should be able to upload images larger than 1 MB with GD. If not you may have some other server configuration problem or the pixel size of your images is astronomical resulting in a 1:10 ratio once uncompressed. Don't upload 6000x6000 photos or anything of the sort (to any website really) as once GD uncompressed it it's probably going to consume all your available memory.
For now just run Imagick 6.2.9 or a slightly newer version than that. Older releases can be found below.
sourceforge.net/projects/imagemagick/
or
www.imagemagick.org/download/
Will also be reviewing the possibility of switching image processing libraries if this continues to go unfixed.