Unless you have received an increase for your Office 365 Tenant from Microsoft the maximum allowed concurrent Poweshell sessions is currently 9 across the Tenant (curent as of September 2013 for Wave 15).
Once scenario that Support encountered was a site where a customer had set their MaxPowerShellConnections=10 on each NME workstation believing that this value was shared across their NME configurations.
In NME 4.8.0.10 the value is specific to each NME workstation and for an example site with 10 NME workstations, running 8 migration threads each - the MaxPowershellConnections should be set to 1 on each workstation otherwise the Powershell Connections will be throttled. See the Quest Communities link for more information on how to set this value:
http://communities.quest.com/community/quest-itexpert/blog/2013/06/06/throttle-me-this-office365
Note:
Setting the MaxPowerShellConnections value to 10 caused an issue where the Office 365 Powershell Throttling dialog was unavailable on secondary NME installs and reported a problem connecting to the NME SQL Database, setting the MaxPowerShellConnections value to 0 from the Edit menu | Global Default Settings and restarting the NME console works around this problem.
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