In 10g, it looks soft-limit. Luckily according to below Oracle docs, there is no overhead to setting this value higher than actually needed.
"It is important to set the value of
OPEN_CURSORS
high enough to prevent your application from running out of open cursors. The number will vary from one application to another. Assuming that a session does not open the number of cursors specified by OPEN_CURSORS
, there is no added overhead to setting this value higher than actually needed."