Is it 64? I thought it was less than that (cant remember off hand).
Whatever the case may be it's a limit per-file. As I understand it this limitation is in place because the shadow copies actually track bit-level changes; so if you were to retrieve a file w/ 64 shadow copies the system would need to get the 1st one and than apply every subsiquent change before presenting it.
The times that it is most useful is when users go and accidentally delete something they didnt mean to (which seems to happen all to often). No more pulling backup tapes for incidental recoveries!
I suggest playing with it in the lab before deploying it. When you do deploy it also start with a low snapshot frequency and work your way up (as opposed to the other way around).