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2 key bindings + 1 global, is a pretty artificial limit and runs into problems when:
1) Users with multimedia buttons on their laptop want to use different global key combos on their USB keyboard that doesn't have multimedia keys
2) There are lots of "standard" key combos to do the same thing, (i can't think of an example but there must be some)
3) when you have used both keybindings for something and want a fake keybinding (e.g mouse gesture -> key combo, voice recognition -> keycombo, etc) to do different things in different apps)

I suppose most situations could be fixed by just allowing 2 local + 2 global, but I think that having unlimited key bindings would be a much better solution as I'm sure somebody out there wants to bind all possible key combos to do the same thing.