I wish we could follow as many people/blogs we wanted to without a follow limit.
I don't think there should be a follow limit. I think following blogs/users increases traffic on our own blogs and helps people discover your posts. With a follow limit it will be more difficult to gain your own audience.
We added a limit of 5 000 blogs because we had issues with spam accounts. We will look over this decision to see if the limit is appropriate
Holly S. commented
I'm following 928 and I am unable to follow more. Is there a new limit?
I think it IS spam if you follow more than 5000 blogs and follow people just because you want they discover your blog.
I think to compromise you could have a ratio that needs to be maintained for following and followers like Twitter does. Also it's difficult to keep up with 500 blogs rather than 5,000 so it makes sense that anything over 5k would seem suspicious.