[2] The album marked McGuinn's return to his signature instrument, the Rickenbacker 12-string electric guitar,[3] after several projects focusing on folk and other traditional musical styles.

[2] Among the original compositions, "Parade of Lost Dreams" documents the cultural decline of Hollywood Boulevard as a statement on contemporary American society, while the verses of "Southbound 95" are taken from truck drivers' conversations heard on a CB radio.

[9] In the line "Hey, now they can't bootleg my album there", the song also addresses China's refusal to recognize intellectual property rights.

[10] In an interview in November 2004, for The San Diego Union-Tribune, he commented that by doing away with a record company, he had made more money on Limited Edition than on any previous album during his career.

[8] Ronnie Lankford of AllMusic criticised many of the musical arrangements, which included "the oddest take on 'Shady Grove' ever committed to CD", although he admired "Parade of Lost Dreams" as "an enticing folk-country-rock blend highlighted by the nifty guitar work".