I have enough baits, rods, reels, etc., to last me for many years. I like to collect old Rebels that aren't made anymore. I have a nice tackle room that I love to tinker In and sometimes sit In there and think of better ways to organize what I have.
That being said, I was "that guy" for many years In my 20's and 30's. I truly felt that whatever Is was It would most assuredly catch me more fish. I spent a great deal of money on baits that NEVER caught me any more fish than the things I had been using consistently for years. I'm like others in that age and maturity has given me the vision to be where I am now. Like Will wetline, fishing for me today Is so much more fun and It's certainly less complicated.
I know what works for me, have a blast everytime I fish, and many more times than not I catch fish. I carry half of what I used to and have never looked back.
I will never look at another's spending habits or the need to have the latest and greatest equipment and feel any sort of emotion towards what they buy. It might work for them, It might not. In the end they will figure out what Is right for them. Once you reach a certain point In life you figure a heck of a lot out whether It's fishing or life. At that point you become you and not that guy.
Edit: Great thread Slone!