So only changing the metadata on the Excel source with the Advanced Editor did not work for me this time. I had to go full boar and ended up altering the registry to get a working solution. I changed the value of registry entry TypeGuessRows from 8 to 0. On my x64 Windows 8 machine the registry entry is located in HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node\Microsoft\Jet\4.0\Engines\Excel.
The test package is attached along with the xls file. Here is the table definition too. For simplicity I only bothered to import the Asset Description column and no truncation occurred.
USE [YourDatabaseName]
GO
/****** Object: Table [dbo].[OLE DB Destination] Script Date: 5/16/2013 8:48:55 PM ******/
SET ANSI_NULLS ON
GO
SET QUOTED_IDENTIFIER ON
GO
CREATE TABLE [dbo].[OLE DB Destination](
[Asset Description] [nvarchar](max) NULL
) ON [PRIMARY] TEXTIMAGE_ON [PRIMARY]
GO
There are no special teachers of virtue, because virtue is taught by the whole community.
--Plato