Seems like serial upvotes are detected and removed.
Yesterday someone serially upvoted me. It was perhaps a guy who downvoted an answer of mine on his question, and I told him not to do that because he is driving answerers away (rather than improving his question). (The story is of no importance, but the guy had 5+ reputation, and it was certainly not my "puppet account".)
I expected to have the upvotes removed, but since they contributed to me reaching the daily reputation limit, I thought I might actually loose from that, because my further upvotes the same day would not count, and after the removal I'll be left with, say, 140 that day.
In the end it turned out that my reputation had not decreased, but I can't clearly recall the situation with my answers, so I'd like to confirm my hypothesis, that:
after the removal of mass upvotes, all votes that did not actually give any reputation (due to the daily limit) are given their respective value, until the limit is reached again.