Max number of pets?

[Lightwonder]

Catch and Release
With a limit on the max number of pets a player can have in MoP, duplicate or unwanted companions may seem very inconvenient.

That is written on the News and Updates section of WarcraftPets. Now im confused are they really setting a max total of pets a player can have in MoP? I know Beta has a **/500 in there pet journal. Is that what it means? Or have they said that they are putting a cap on pets so collections don't get out of hand?

[Dementron]

It seems that there is a cap of 500 pets in the journal. This is more than enough to have one of every pet, with extra room to have duplicates of wild pets, since they come in varying qualities.

[Quintessence]

There's currently a limit of 500 pets in the beta. We'll have to wait and see if Blizzard plans on lifting this cap or increasing the max number for the final release. Hopefully they'll provide more information and details regarding this in their official Pet Battles blog post that's supposed to be coming "soon"!

Edit: clarified the WarcraftPets blog post.