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Extracted from here: http://www.ros.org/wiki/roscpp/Overview/Publishers%20and%20Subscribers#Subscriber_Options

template<class M>
ros::Subscriber subscribe(const std::string& topic, uint32_t queue_size, 
<callback, which may involve multiple arguments>, const ros::TransportHints&
transport_hints = ros::TransportHints());

You can set the queue size for receiving the messages, if you have a queue size of 1, you will only store the latest message