Well i gave it a try and now have 13 companions in my party:
It took some micro-management (like in previous PoP versions) and you can't have all the "sir" companions, but it's still a nice band-of-brothers
this is my companion set up
(from outer circle)
1. Sir Roland
2. Sir Jocelyn
3. Sara The Fox
4. Riva
5. Ediz
6. Kassim
7. Donavan
8. Adonja
+
(from inner circle)
9. Ansen
10. Sir Rayne
now added extra companions which are causing some dislikes among the basic 10
11. Sigismund (from outer circle)
12. Kaverra (from outer circle)
13. Frederick (from inner circle)
The answers that you have to give on complains:
Sigismund complaining about either Donavan or Adonja --> support Sigismund
Donavan or Adonja complaining about Sigismund --> say "don't bother me with this again"
Kaverra complaining about Kassim or Ediz --> support Kaverra
Kassim or Ediz complaining about Kaverra --> say "don't bother me with this again"
Frederick complaining about Ansen or Sir Rayne --> support Frederick
Ansen or Sir Rayne complaining about Frederick --> say "don't bother me with this again"
After all the complaints have been filed (hehe) you just need to worry about keeping high morale and generally avoid failing quests, attacking peasants and other actions that might put your party at risk of breaking up.
There are other options to make 13 companions:
for example basing on my initial 8 companions from outer circle you can have
Sir Roland, Sir Jocelyn, Sara The Fox, Riva, Ediz, Kassim, Donavan, Adonja,
and then add Leslie, Diev, Frederick, and either two of the remaining 3 in inner circle
starting with the other 8 companions from outer circle is a bit more tricky but still managable
Diev, Sigismund, Leslie, Kaverra, Lethaldiran, Julia, Alyssa, Sir Alistair
adding Sir Roland, Kassim, Riva, and either Sir Rayne + Ansen or Boadice + Frederic
or adding Sara the Fox, Sir Jocelyn, Donavan, Boadice, Frederick (can't choose anybody else from inner circle in this setup)
give me your thoughts if you like/dislike the idea
Offcourse the problems raised in the FAQ still applies - meaning that the more companions you carry with you - the less unique troop types you can have remaining (the total being 31/32?) in your party so you need to choose accordingly to your gaming preference and if you choose max companions remember to avoid upseting them by your actions and keep group moral high