Querry about using CPLD as a microcontroller I/O expander

I want to use MAX EPM7128slc-10 CPLD IC as a microcontroller I/O expander. Is it possible to use this IC? If there is any limitation, please mention.

The link for this project from altera is given below:

http://www.altera.com/literature/an/an265.pdf

Thank you.