You can put 32 hosts per cluster.
obviously when you go that high you can change the number of HA concurrent failover number.
seriously suggest you use esx4.1 it has inreased the time betwen hosts updates to 10sec (used to be every second) that reduces the traffic significantly.
Also the first 5 hosts you add are your HA primary ones .You need to ensure that if you are using blades that they are not all in the same chassis (again best practices) you can promote other servers to primary or configure them to be primary if you want but doing it this way is easy enough.
if you are using ESX (rather than ESXiyou should also increase the service console memory to the max. Finally ensure you do not mix ESX and ESXi servers in same cluster.. works fine for HA but can't really vmotion between them as the vmkernel is diferent enough..
by the way there is a new book HA rs deepdive that is VERY good and goes in detail over all the gory details about HA and DRs
good luck