All of the current cards have queryable resource limits. DirectX only specifies the minimum neccessary. For example, although DX8 limited the number of constant registers to 96 and program length to 128, I believe the GF3 could actually handle many more registers and program lengths up to 160.
I think what Anand was saying is that currently, the VS2.0 is limited to 1024 instructions and PS2.0 to 96 instructions, the R300 can do more than that (160 pixel shading instructions) and that the NV30 limits may be much higher.
However, 1024 instruction VS and 96 PS are effectively "unlimited" for what most people want to do. While the true hardware may support more, and NVidia might be shipping hardware acceleration for Renderfarms doing Renderman in hardware, for most games, they will stick with the DX9 limits.
The issue with PS1.0,1.1,1.2,1.3,1.4 wasn't instruction limits, or # of registers, it was new and differing instructions and differing ways of using the texture ops. Hopefully, the only real difference between DX9 boards will be in the maximum resource limits.