Yeah, I get the idea that the limits are there for that "nostalgia" reason, but another big appeal of these fantasy consoles is that all the tools to make a game are built into a single program. You can code, make art, design sounds, compose music, all at once. A fantasy console without hard limits on sprites, code, and so forth would be a fantastic product. Maybe I should make my own....

I think I'm too late to answer this, but here's the answer:

LIKO-12 has some basic limitations, but those can be bypassed by many ways, for example, you can store additional sprites sheets in the code, with gzip compression.