The only limit I saw mentioned on MSDN is this :
Authenticated web services do not have a daily limit on the number of push notifications they can send. Unauthenticated web services, on the other hand, are throttled at a rate of 500 push notifications per subscription per day. For more info, see Setting up an authenticated web service to send push notifications for Windows Phone.
It's a limit per device per day, and it exists only if you don't setup an authenticated web service.
They don't mention a limit on the number of unique devices.