On Windows, select() is limited to 64 sockets by default. As a result, Bitcoin can communicate with no more than 63 peers. (Not 64, because the listening socket is also passed to select().) The default value of maxconnections=125 can never be reached.
Since listening nodes are important to the network, this may be worth fixing. All it takes is “#define FD_SETSIZE 1024” (or some other number greater than 64) before “#include <winsock2.h>” in compat.h. I tried it locally and now have over 100 connections.