Well the sending device (keyboard/sequencer) will only be able to send so many notes and the receiver (sound source) will only be able to use so many notes. Usually 8, 16, 32, 64, or 128...... If the keyboard can only send 32 midi notes but your module can receive 128 then all you'll get is 32. Vicea versa...
32 notes goes fast as hell...
Since we're on the topic... What is the polophony for most computer software sequencers? Does it usually depend on the software or hardware?