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You can't tell from the thread title, but the OP made it sound as if the question is about number of redirected pages, not about number of redirect steps for an individual page.
I spoke to this chap and he recalled a classified site having been dinged for introducing too many 301s.
Google has said in a video...
Is there a limit to how many 301 (Permanent) redirects I can do on a site?
How about how many redirects I can chain together?
No limit to the number of redirects... there's no queue; there's no cap; there's no limit.... We'll look at as many pages as we're willing to crawl on the old domain, and if we see a 301 redirect, then we'll put that in the queue to crawl at the new location, and we'll process that....
Matt encourages redirects page level to page level.... discourages chained redirects.... If you can do it in one hop, that's ideal. Google is willing to follow multiple hops... but if you start getting up into 4 or 5 range, that's a little bit dangerous, since Google might decide not to follow all those redirects. Keep it down to 1 or 2 or maybe 3.