Based on http://tracker.moodle.org/browse/MDL-10259?focusedCommentId=175097&page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel#comment-175097 comments, there are many inconsistencies with frontpagecourselist selected when there are more courses than the max number allowsed to display.
With frontpagecourselist selected, when FRONTPAGECOURSELIMIT (defined in course/lib.php) is exceeded:
- A non-logged user can see the list of visible courses
- A user logged in as a guest can't see any course on the frontpage
- A user logged in but without enrolments see a list of categories with the heading "My courses"
The setting coursesperpage only is taken into account when showing courses in courses/category.php