The limitation of 127 devices is because that is the maximum number of Profibus addresses that are available. The more devices you add to your network the slower your network speed will be. You will not be able to connect more than this unless you use the DP-DP Coupler but you are basically creating 2 networks with that.
My suggestion would be to determine what sections/processes in your plant need to run faster then others and think about putting less devices on that PLC. Rather add more CP cards to your PLC.
Reliability is a tough question to answer, your installation and environment will determine how reliable your communication is not the amount of devices. If you use repeaters and OLMs correctly you can have a very reliable network with the full compliment of devices.
Personally I would suggest splitting it up into smaller networks.