I'm not a WCF expert but I'm wondering if you aren't running into a DDOS protection on IIS. I know from experience that if you run a bunch of simultaneous connections from a single client to a server at some point the server stops responding to the calls as it suspects a DDOS attack. It will also hold the connections open until they time-out in order to slow the client down in his attacks.
Multiple connection coming from different machines/IP's should not be a problem however.
There's more info in this MSDN post:
http://msdn.microsoft.com/en-us/library/bb463275.aspx
Check out the MaxConcurrentSession sproperty.