Doh! Looks like I had a stray pubkeys[1:] in my Python script and miscounted.
Good idea!
If OP_CAT was not disabled, we could have much more interesting and compact scripts. It is really a pity that OP_CAT and OP_SUBSTR were disabled.
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(OP_DUP OP_HASH160 8e4358ca4d6c9cd53a8e01e75bf0d25475c352e7 OP_EQUALVERIFY OP_TOALTSTACK) * 20
20
(OP_FROMALTSTACK) * 20
20 OP_CHECKMULTISIG
(OP_DUP OP_HASH160 8e4358ca4d6c9cd53a8e01e75bf0d25475c352e7 OP_EQUALVERIFY OP_CHECKSIGVERIFY) * (M - 1)
OP_DUP OP_HASH160 8e4358ca4d6c9cd53a8e01e75bf0d25475c352e7 OP_EQUALVERIFY OP_CHECKSIG
The limit of 7-of-15 is somewhat of an artificial one. This can be raised in the future. Raising it to 15-of-15 is relatively easy (the "m" is only limited by "IsStandard" check not a validity check). Raising it to 20-of-20 requires a hard fork to raise the redeemScript limit from 520 bytes to at least 683 bytes. In theory it could be raised beyond that by a hard fork which makes OP_CHECKMULTISIG with an n >20 as valid but I doubt that'll ever happen.
(OP_DUP OP_HASH160 8e4358ca4d6c9cd53a8e01e75bf0d25475c352e7 OP_EQUALVERIFY OP_TOALTSTACK) * 20
20
(OP_FROMALTSTACK) * 20
20 OP_CHECKMULTISIG