My cycling renaisance includes riding the track and I am using a Look KEO which I intend to tighten down to MAX release tension. I noticed that the little bolt continues to turn after many revolutions and I was expecting the thing to stop at some point. It does not appear to be broken whatsoever. Does the bolt just turn freely after max tension is reached? How many turns does it take to max it out?

You could buy a pair of look zero float cleats which could get ride of your problem. http://www.lookcycle.com/en/us/route/ca ... -grip.html

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CARPE DIEM
Colnago C59 Italia GLBK
Up coming custom steel cyclocross

There should be a click once max tension is reached the bolt will carry on turning but once the max tension is reached stop.

It does keep going after you reach max. There is also a little silver bar that moves down that visually shows you where the setting is (middle of the back of the cleat)