For the price and bandwith I'll save my money for Samsung to make a 128G Evo or Pro micro SD. I was thinking of getting one for my wifes surface pro 2 but after I saw 40 MBsec I had no interest. Plus if you just want a 128 GB SD card for use with a Pi you can get a non micro 128GB card for $35 less with better read write speeds.
As for your acual question...I have no idea if the Pi would read it. But I don't see why not it reads 3T HDDs.