I too have this problem.
My iPhone was replaced as there was a problem with it. When I attempted to restore from iCloud onto the new phone, I got the message "You've Reached Your Device Limit". I only had 6 devices enabled. All of my contacts, messages, account settings etc. would restore but any third party apps would not, they would be on my home screen, but greyed out and 'Waiting'. Attempting to tap on the app to get the download going would result in the same error message about device limits popping up.
I spent almost 2 hours on the phone with Apple about this and a solution wasn't found. Lots of different things were tried, turning iTunes Match off, signing in and out of iCloud and iTunes storeaccounts then restoring the phone. Every time the same thing happened. If I deleted an app, then tried to install it fresh, it too would just say 'Waiting'.
I was able to download an app on my Mac and transfer it across however.
There was a work around though. The Apple person I spoke with contacted the iTunes store team who deleted any apps that were in my download queue. I then deleted all troublesome apps from my iPhone, went back into the app store app, updates, purchases, not on this phone and then reinstalled apps I wanted back.
Not ideal, but at least I have all my apps back. Apple themselves don't know why this is happening and they do have engineeers looking into it. I just hope now nothing happens to my phone and I don't need to restore from iCloud in the next 90 days.
Anyone with this problem I would recommend backing up to iTunes and then if you do have to restore your phone do this through iTunes as the problem is only with iCloud restores I believe.