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We initiate a broad study of classical problems in the streaming model with insertions and deletions in the setting where we allow the approximation factor α to be much larger than 1. Such algorithms can use significantly less memory than the usual setting for which α = 1+ε for an ε ∈ (0,1). We study large approximations for a number of problems in sketching and streaming, assuming that the underlying n-dimensional vector has all coordinates bounded by M throughout the data stream: 1) For the 𝓁_p norm/quasi-norm, 0 < p ≤ 2, we show that obtaining a poly(n)-approximation requires the same amount of memory as obtaining an O(1)-approximation for any M = n^Θ(1), which holds even for randomly ordered streams or for streams in the bounded deletion model. 2) For estimating the 𝓁_p norm, p > 2, we show an upper bound of O(n^{1-2/p} (log n log M)/α²) bits for an α-approximation, and give a matching lower bound for linear sketches. 3) For the 𝓁₂-heavy hitters problem, we show that the known lower bound of Ω(k log nlog M) bits for identifying (1/k)-heavy hitters holds even if we are allowed to output items that are 1/(α k)-heavy, provided the algorithm succeeds with probability 1-O(1/n). We also obtain a lower bound for linear sketches that is tight even for constant failure probability algorithms. 4) For estimating the number 𝓁₀ of distinct elements, we give an n^{1/t}-approximation algorithm using O(tlog log M) bits of space, as well as a lower bound of Ω(t) bits, both excluding the storage of random bits, where n is the dimension of the underlying frequency vector and M is an upper bound on the magnitude of its coordinates. 5) For α-approximation to the Schatten-p norm, we give near-optimal Õ(n^{2-4/p}/α⁴) sketching dimension for every even integer p and every α ≥ 1, while for p not an even integer we obtain near-optimal sketching dimension once α = Ω(n^{1/q-1/p}), where q is the largest even integer less than p. The latter is surprising as it is unknown what the complexity of Schatten-p norm estimation is for constant approximation; we show once the approximation factor is at least n^{1/q-1/p}, we can obtain near-optimal sketching bounds.