Yes, gds, rds, ro - same thing, of course gds=1/r0. It is not only the channel length modulation that plays a role in lowering ro. In finer technologies there are short-channel effects like DIBL that also bring about lower output resistance. For example, the FinFET transistors solve the problems with DIBL and as a consequence they have higher ro and higher intrinsic gain although L is 16nm and below.
Newer technologies have for example thinner gate oxide which can't sustain higher electric fields, hence lower supply voltages. Digital circuits have VGS=Vdd or 0, all the Vdd is across the gate oxide. Shorter channel lengths and high supplies along them also cause hot carrier problems.
Suppose you build a current mirror and you want to cascode, say 2 nmos transistors on top of the mirroring device and say your supply is 1V and you want to have min voltage across the mirror of 0.5V. Let's say Vth=0.4V. Suppose you want to keep 0.15V as Vov for each of the 3 devices in the mirror. So, 3x0.15=0.45 and you are almost at your limit of 0.5V. Of course you have to leave something in excess of Vov=0.15 for the Vds of the transistors to have more reliable operation and margin. And thus very quickly you get to or above your 0.5V limit. Also, 0.5 is quite generous, you don't usually have that much.
Then, you will have to bias the gates of the cascodes. If the bottom mirroring device works with Vds=Vov=0.15 and Vth=0.4, then for the first cascoding transistor Vg=0.15+0.4=0.55. Again, for reliable operation somewhat more than that. Going further up, at the source of the top casode transistor you will have something like 2x0.15=0.3V and its gate has to be at 0.3+0.4=0.7 which is getting closer to your supply limit of 1V. If you leave margin in your Vgs, then you hit the supply.
Add to all this also operation in slow corner, high temperature.
It means that usually you get by with one cascode only.