Hi Mike,
The 200 sounds limitation is the number of sounds you can put into your Soundbank.
The Licence Manager will display the following message in the Log (X being the number of media item currently used in your project) when you generate your soundbanks:
Time ID Message Platform Parameters
12:59:12 - Evaluation mode: SoundBanks contain X media item(s) out of the 200 permitted. Commercial deployment is NOT permitted. Please visit www.audiokinetic.com to request a Commercial license. Windows
12:59:22 - 1 message(s), 0 warning(s), 0 error(s), 0 fatal error(s)
You can have a Wwise project with more than 200 sounds. However if you put more than 200 of them in your soundbanks, a Fatal error message will be displayed at Soundbank generation:
Time ID Message Platform Parameters
13:02:47 - Evaluation mode: Maximum number of media items exceeded (XXX out of the 200 permitted). Please contact sales@audiokinetic.com to obtain a license. Windows
13:02:47 - 0 message(s), 0 warning(s), 0 error(s), 1 fatal error(s)