A bit more testing results, it looks like many 5 key clusters won't completely register if they're on multiple row/columns, but I always get a minimum of 3 registered keys.
With Shift pressed, 4+ other simultaneous keypresses will even remove the modifier key.
We'll have to compare with people using tmk_keyboard, xwhatsit's controller on the F, and Soarer on other NKRO keyboards I believe.