I've always worried about this myself and would like to know if there is a hard-limit as well.
However, I can assure you that if there is one you are far from it. We have over 6000 IP Blocks on our Blacklist in Smartermail and another 2000 SMTP Block Senders and Smartermail runs just fine (although it can be slow when making changes to any of the Security screens).
(And one of our tertiary Smartermail Incoming Gateways has only 1GB of RAM and a Celeron processor, if that tells you anything...although that one is only running v13.)