From "Usage and Abusage: A Guide to Good English" By Eric Partridge: Unmeasurable is preferred in the two literal senses 'incapable of being measured, on account of great size, extent or amount, in reference to material things, to dimensions, to time' as in 'The tower was of an unmeasurable height' and 'not admitting of - insusceptible of - measurement' as in 'The church is unmeasurable by foot-rule' (OED). But in the sense of 'too great for measurement, immense', immeasurable is preferrable, as in 'immeasuable ambition', 'the immeasurable grace of God.'