Yes it does put a limitation on number of transistors that can be placed in series depending upon what minimum transconductance is needed for desired operation
as far as i thought ,,body effects makes the threshold voltage of mosfet changes,,,so,,you must care when placing the mosfets in series that they still operate in saturation region and this depend to a great extend on the supply voltage ;as it shrinks down ,placing mosfets in series becomes more difficult
check this also **broken link removed**