but be aware that a number of other devices use a much smaller limit such as 32 or even 12. If I recall correctly, the Cisco VPN 3000 concentrator series cannot handle 128.
In practice, I've used preshared keys between PIXen up to 255 long and the only way I found out about the 128 limit is that Cisco's PIX configuration analysis tool mentioned it.
There is a risk of a dictionary type attack against your IKE. I seem to recall that in some previous code versions, there were IKE security bugs that argued for only allowing the key to match the hosts you need.
Also, if someone somehow manages to take over one of your boxes, if you are using the same preshared key for all of them, then that person has access to all of them (if they can start from the right IP range.) It is more secure to use different preshared key pairs between each unique pair of devices. Unfortunately, that results in a combinatorial explosion of keys...
Those are described at the URL above. The first has to do with disabling an authentication scheme that involves an interjection that humans can deal with easily but which PIX are not programmed to be able to send. The second has to do with disabling the local PIX from trying to push an IP address and netmask onto the remote device. Both options usually make sense for security gateway devices (e.g., PIX) but the options are usually not used for software clients.
Push your logging level up to debug and look for IKE negotiation failures.