Max number of tables (objects) in SQL Server editions (compact, express)
The capacity specifications are valid for Express apart from the limitations listed in:


Features Supported by the Editions of SQL Server 2008 R2
Maximum Number of Processors Supported by the Editions of SQL Server (max 1 cpu)
Memory Supported by the Editions of SQL Server (max  1GB ram)


So yes, the maximum number of tables is limited by the 2,147,483,647 object maximum in Express.

Compact Edition differs substantially from Express, with very different capacity specifications. Haven't found an explicit reference to the maximum table or object count in CE but the 4GB size limit would prevent you getting anywhere near 2,147,483,647.