254 is a limitation brought about by using one byte to store resource IDs - that's 256 possible values of the byte, -1 for oblivion.esm, and -1 for your save file. There's no reason to increase this, but at the same time, there's little reason not to.
The next step up from 1 byte is, obviously, 2 bytes, giving a total of
65536. Or, rather, 65534, with one taken off for Skyrim.esm, and one taken off for your save file. However, I doubt any among us are counting.
So, the situation will either be as it was before, or effectively unlimited.