We are using cassandra-1.1.
For some optimization purpose we decide to increase no of column families in our keyspace.
Will it have any impact on heap utilizatio
As per Cassandra Wiki, the heap size consumed 'per node' is defined as: memtable_throughput_in_mb * 3 * number of hot CFs + 1G + internal caches (ref: MemtableThresholds)
So to answer the first question: Will it have any impact on heap utilization? Yes.
Regarding q2, I strongly believe there is no possibility of OOM with latest versions. As you mentioned version 1.1 of Cassandra, the per-CF config memtable_throughput_in_mb is replaced by a global memory configuration - memtable_total_space_in_mb. This config is equivalent to - memtable_throughput_in_mb * number of hot CFs, in the formula mentioned above. This ensures that the JVM heap size does not scale with number of CFs and is always guarded by a global config.