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It does appear that the content of the page beyond 101k is not indexed, and it certainly is not cached nor does it show up in the snippet. This means that any searches for keywords that are located beyond 101k will not be found.
But they absolutely DO index what is in the first 100k. Most useful content is found well before that 100k point. Your users won't want to go down 50 screens to find what they searched on, and google does not want them to have to.
As for the 100 links per page, this is just a recommendation by google, and it is generally good design. I have had google follow well over 1000 links off a page that went beyond 101k.
But there is nothing to say that Google will not discount the value of those links, or even ignore them in the future. You can also be fairly certain that there is a big safety margin built into that 100 link recommendation. Don't even worry about it if you are under 200.