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@broc, it is true & false.
Max 4 live itself can handle as many as channel as it wants to.
Indeed, inside Live (and it is a limitation of Live), one track = one channel.
With Ralf (from Ableton), we made a very useful & ugly workaround (http://forum.ableton.com/viewtopic.php?f=35&t=128795) but the file I provided isn't available anymore.
Btw, write me if you want another one. I'll design it for you.
But the principle is quite easy with send/receive stuff.
send/receive between patches (= between devices) is possible but be careful about sending too much data.