Well, we're getting into pretty hairy stuff if you want to consider the "limits" of the Nintendo/Famicom and "gameplay".
First we'll speak in terms of limitations and keep it simple:
1.) The Nintendo/Famicom runs at ~1.74MHz; and doesn't change its speed unless hardware modified. A game engine, sound engine, bankswitching, etc. all need to process given the overhead within that clockspeed with the game "feeling" playable.
Let's take the Aspekt demo "High Hopes" into consideration:
http://www.pouet.net/prod.php?which=31539
It uses PCM during times of screen stillness. By the programming strategies it seems seemless. If the PCM were to be played while the textured "cube" was drawn you would see noticeable slowdown.
Which brings me to the second point: gameplay.
2.) If you are to define gameplay you would have to standardize a genre of what type(s) of game(s) would be the model.
CPU-dependent PCM/PWM has to be played at a rate to which it maintains fidelity and is either intelligible or pleasant enough to a common audience. CPU-intensive games cannot have a lot of CPU-dependent sound output due to the limited processing resources. Ex: Side-scrollers, shooters, etc.
However, there are genres of games that are not highly CPU-intensive. Ex: 1st-person adventures, visual novels, puzzles, board-games, etc.
With these types of games CPU-intensive PCM/PWM would be more appropriate. The only limitation at this point would be ROM size.
3.) The NSF file format is limited to 1MB. ROM size is only limited to a hardware mapper and the memory type on the board; which these days is practically limitless -- aside from production cost and sellability.
Additionally the iNES header has a limit of 1 byte for PRG (program) ROM size of 16K chunks each; totaling 4MB. But again, this is irrelevant to hardware cart PCB design and logic. People just assume that they won't need more than 4MB program space for an NES/Famicom game.
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In summary it doesn't really feel or seem that the NES/Famicom is very limited to creative capability with gameplay involved, but if we were to make limitations I think it would be best to just agree on some commonly understood limitations per NSF format so that n00bs can be praised or spanked. ;D
Ideas/comments?