I don't know if it's documented in the FAQs, but this behavior is documented in the code. It limits the amount of events shown on a calendar date based on the value set by:
Dashboard > Settings > Reading > "Blog pages show at most" XX "posts"
Increase this number to get more events shown on a date. Of course, increasing this number is going to increase the number of posts shown in other areas of your blog (such as those shown in the "News" category), but that's just the way the developers decided to write the code.
Also, if a date has more events than what is shown on a calendar date, the date number turns into a link. Hovering your mouse over the date will show all the events on that date. Depending on your theme, the date should be a different color than the other dates too; if not, then you can set it to do so through your style sheets.