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500MB per connection times 100 connections would be 50 GB. That re-opens the door to a memory exhaustion denial-of-service attack, which is the problem -maxsendbuffer fixes.
As transaction volume grows I think there will be lots of things that need optimization/fixing. One simple fix would be to request fewer blocks as they get bigger, to stay inside the sendbuffer limit...
(ps: I've been re-downloading the current block chain connected to a -maxsendbuffer=10000 0.3.20 node, and the workaround works)