The most that I have gone was somewhere around 25 repitches, but it was unwashed Pilsner yeast that was given yeast nutrient at each repitch. I basically used it for a couple years and simply grew tired of the project. I never had an off beer. YMMV, of course.
Also, I have had petite mutants form in just a few batches when repitching, so it does happen, if the yeast is stressed. I rarely go beyond 5-6 generations anymore, because yeast is just not that expensive to risk large batches betting on its unaltered replication with straight repitching. Guys who yeast farm typically save some first generation yeasts to propigate from, I think.