A work around would be that you could add people to smart lists, then send out specified emails based on which smart list they belong to. Obviously, there would be a trigger campaign with criteria adding them to the particular smart list, similar to how segmentations work. And you'd have to create separate emails per smart list, which is a true bummer.
Unfortunately you wouldn't be able to use dynamic content as it is soley based on segementations. However, the work around should help if you really have maxed out on segmentations! (Or you could upgrade-this seems pretty necessary!)