I have no direct experience, but I believe the limit is basically a way to signal to app owners "your app is officially big, give us a call". I know Tweetbot by Tapbots had this problem and solved it somehow, so it's not the end of the world.
http://www.metrotwit.com/2014/03/sunsetting-metrotwit-all-go...
I really hope Mvilla are able to sort something out for Fenix. Apps like Tweetbot, Tweetie & Fenix are what make me love Twitter, I can't stand the official apps.
I would love to throw more money at Fenix so they can afford to keep developing for their current customer base. (I think I paid $5 for Fenix, and that was far too cheap... I paid $20 for Tweetbot Desktop, and even that feels a bit too cheap considering how often I use it.)
How would that differ from the current situation, in which the app is unusable and destined to remain that way?