Considering i have to create a sequence for each table in Oracle (almost), would this be the standard accepted implementation for simulating Identity or is there a better / easier way to achieve this kind of implementation in Oracle?
Yes, it is very typical in Oracle to create a sequence for each table. It is possible to use the same sequence for several tables, but you run the risk of making it a bottleneck by using a single sequence for many/all tables: see this AskTom q/a
Are there any specific GOTCHA's related to having so many sequences in Oracle?
None that I can think of.