Yes, Occam's razor has limitations.
In Why The Simplest Theory Is Never The Right One: Occam's Razor Has A Double Edge, the author describes Occam's razor as "a vestigial vestige of medieval science."
Occam's razor, like falsification, has been (mis)used by propagandists as a tool to ridicule conspiracy theory, which is essentially allied with history. This may have contributed to the apparently somewhat popular conception that they're really useful tools for rational thinkers.
In fact, I've discovered a wealth of online resources critical of Occam's razor and falsification both.
Occam's razor is based on the premise that everything in the universe is "simple." That's an exaggeration, of course, but it appears to be the general idea.
In fact, biological organisms have become more complex with evolution. And why would a team of conspirators want to dream up a simple plot that can be easily solved? In fact, criminals often go to great lengths to cover their trails and confuse investigators.
Moreover, there are cases where it may be hard to determine which theory really is simplest.
Some defend Occam's razor by claiming it is simply misunderstood or used incorrectly. That's an avenue worth exploring, but I haven't found any arguments that convince me.
I came across an article that suggested that the scientific community has pretty much discarded falsification, though I haven't verified that claim.
In that spirit, it would be interesting to know 1) the extent to which scientists actually employ Occam's razor and/or falsification, and 2) which branches of science they represent. Then again, you specified philosophy, not science, but there is a lot of overlap.
I may be going out on a limb here, but I find it hard to imagine a scientist putting his reputation on the line by admitting he puts his trust in Occam's razor when working on a life-saving drug or the next weapon of mass destruction.
I'm personally mystified by the continuing allure of Occam's razor. Seems like a tool for lazy thinkers to me - kind of like flipping a coin. Again, it would be interesting to see a list of names of specific scientists and philosophers who admit to using such a crutch...er tool. It would also be interesting to see a list of notable scientific theories, discoveries, etc. that were based on Occam's razor.
I think we can discount the theories of evolution and gravity. ;)
The Tyranny of Simple Explanations
P.S. I would like to ask anyone who posts an answer defending Occam's razor to give us some examples of philosophical problems that you have personally "solved" with the help of Occam's razor.