I don’t think there is such limit. Of course you can’t say it’s unlimited, because in IT everything has some limits (due integer size, number of files in directory, maximal length of filename, and so on).
There won’t be any big performance side effects. WordPress stores list of templates in cache (AFAIR), so it should be OK. (Of course again, if you’ll create 1000000 templates, then the select on page editor will take long time to load…)
But, there is one limit – will the user be able to select proper template. And are these templates really necessary – maybe there should be some options in the editor to modify the look and feel of given template, and so on.
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