Hi Martin,
I have never heard of any limitiation on the number of sub-VI's.
The symptoms you relayed sound like you are running into a memory limitation.
The profiler will help check this out.
Other system tools like "Task Manager >>> performance" (under NT) or system monitor under other WinXXX will also help.
Check all of your controls and indicators (in the new VI) to make sure there are not any large arrays shown or storede as part of the defaults.
If this does not help, let us know a bit more about what the "new VI" is doing, i.e. activeX windows etc.
Trying to help,
Ben