Is There A Limit To How Many 301 (Permanent) Redirects I Can Do On A Site? Video - By Matt Cutts

Matt Cutts recently posted on Google+ that Google has recently recorded ~30 new in-depth videos and ~60 new quick-answer videos. This is the first in-depth video, and it's about 301 (permanent) redirects.

Is there a limit to how many 301 (Permanent) redirects I can do on a site?

According to this video:

• There is no limit to the no. of 301 redirects that a site can have. 
• Instead of redirecting every 301 to the root it should be redirected to the actual URL of the new site. 
• Its ideal to do a redirect in one hop instead of having more no. of hops as the bot may lose track
• Use this 301 redirect only if the URL shift is permanent. If it is a temporary one and you would like to get back to the previous URL after some time then the 302 redirect is the correct option.