While the 96 timers limitation is correct, there is another limitation that is has no relation to the number of timers: the number of EVENTS. The number of events can be viewed in the Daily Schedule display. However, it is important that you select "Show Skipped" to see the true number of events in memory. I believe the current limit on number of event is about 323. I know someone out there has the precise number.
So, in other words, you may have as few as 15 timers, but will max out your event memory if you timer certain shows that may be aired as many as 30, 40, even 50 times in a week using the All, or New Episodes feature. Such shows include many on MTV (particularly their marathons, but a new and previous episodes of The Real World can number as many as 45 events in a week) History's Modern Marvels series (had been in the 30's and 40's in the past), and many children's programs that air every day at several times a day. Hitting this limit has occurred to a fair number of those on this board. In fact, the current 300+ event was the result of complaints from many that the previous limit was too low. Personally, I am a bit over 300 events on my 722 now.
However, if you tend to record commercial broadcast networks or shows that only show a few times a week, this limitation should not be a problem. Just be aware if you notice that you will no longer be allowed to make timers and you are below the 96 timer limit