"what are the hard limits and challenges of just prodding through (faster and faster as tech goes forward) combinations until success?"
According to current theory of physics, every computation needs at least a certain amount of energy. So if you want to do many computations today, you will have to use a certain amount of energy today. Now lets say, you have a machine that turns any matter into energy without any loss. You put in m mass and you get out e=mc^2 energy. Problem is: You cannot get more matter into that machine today then is around you in a radius of 24 light hours.
So that would be a hard limit.
But quantum computers have proven to break that limit. One theory is that using a quantum computer means using computers in an unlimited number of parallel universes. So there is no limit to the number of calculations you can do. (See David Deutsch and his theories about parallel universes)
I think there are theories about the limits of what a quantum computer can calculate. But I dont know them. Would be interesting to read about it if there is something published.
Then again, what might look like a "hard limit" today will probably not do so tomorrow. Some time ago the "lower limit on energy per calculation" sounded like a hard limit. Then quantum computers came along and blasted through it.