Turns out the limit of 180 apps on the iPhone and iPod Touch isn't so hard-and-fast after all if your running the version 3.x software. While only 180 apps can be shown on your home screens (since you are limited to 11 home screens), you can add as many apps as you like. While they won't show up on your screen so you can't click on them (can you really find anything if there are 180 of them?), you can go to the search page and search for the app by typing in part of it's name. Select it from the results to run it.

http://www.macosxhints.com/article.php?story=20091026034353289