It depends on your mcu clock speed.
The prescaler allows you to divide this by a constant value such 128. - in which case your timer is incremented every CPU/128.
With a 16 bit timer then you can set the PWM cycle time to be anything up to 65,535.
So with a 16MHz clock and 128 prescaler then you can go to 16MHz / (128 * 65535) = 1.9 Hz