well, a few mods allow one to summon multiple summons, so I don't think it's entirely point 1.
From my experience, the limit is close to around >30 depending on quality of computer, and then gamebryo starts to stop processing the AI for some of the npcs, resulting in npcs that are just retards standing around. Not a problem when dungeon raiding, but it is a problem in some city enviroments and major battles, like Kvatch or Bruma.
But I imagine the main reason is number 2, simply because a lot of battles tend to be one to one --->3 to one encounters.